IE Business Daily Business news for the Inland Empire.
The Inland Empire office market recorded nearly 26,000 square feet of net absorption during the first quarter of this year, due in part to the lifting of COVID-19 restrictions that lead to more deals being completed, according to data released Tuesday.
Leasing activity nearby doubled year-over-year, vacancy dropped slightly to 10 percent, CBRE’s report.
“Landlords continued to offer higher concession packages and kept rates somewhat steady,” the report states. “The local market, which has favored tenants for the past several years, will likely inch back towards the landlord side as demand for office space picks up.”
Average lease rates stood at $1.96 per square foot in the first three months of 2022, a three-cent drop from exactly one year earlier. Once again, there was no office construction in Riverside and San Bernardino counties.
Most of the Inland Empire’s first quarter transactions were under 10,000 square feet and involved government, employment and healthcare tenants, according to the report.
