IE Business Daily Business news for the Inland Empire.
The Inland Empire industrial market continued to hum during the fourth quarter of 2016.
Vacancy in the two-county region was 4.5 percent, down from 5.3 percent in the third quarter, according to Voit Real Estate Services’ latest quarterly industrial report on the region.
More than 91 industrial buildings – nearly 20.3 million square feet – were under construction in Riverside and San Bernardino counties during the last three months of 2017.
Much of that development can be attributed to a lack of developable space in Orange and Los Angeles counties, where industrial vacancies are at record lows, according to the report, which was released Thursday.
In the Inland Empire, projects of 500,000 square feet and larger continued to drive the market during the fourth quarter, but smaller industrial projects will emerge this year as large tracts of industrial land becomes more scarce, the report stated.
An estimated 5.5 million square feet of industrial space was absorbed in the Inland Empire during the previous quarter, the ninth consecutive quarter the region has recorded positive net absorption, according to the report.
