IE Business Daily Business news for the Inland Empire.
The Inland Empire’s industrial market continued to soar during the third quarter, with lease rates on the rise and vacancy trending down, according to a report.
Lease rates for industrial space in Riverside and San Bernardino counties in that three-month period averaged 59 cents per square foot, up from 53 cents in 2017, Voit Real Estate Services reported.
Overall vacancy was 4.3 percent, down from 6.07 percent year-over-year. On the west end, meaning mostly the area around Ontario International Airport, the vacancy rate was a mere 2.3 percent.
About 5.1 percent of the logistics space – both direct and sublease – in the two-county region was on the market in the third quarter. That number is expected to increase slightly during the next few quarters as more speculative projects come online, according to the report.
