IE Business Daily Business news for the Inland Empire.
The Inland Empire industrial market continued to perform at a spectacular pace during the fourth quarter of 2015, according to data released Thursday.
Vacancy was at 4.9 percent, down 3.7 percent year-over-over, as the region absorbed more than 20 million square feet of industrial projects during that three-month period, Voit Real Estate Services reported in its latest quarterly report on the Inland Empire industrial market.
Nearly 24 million square feet of industrial space was under construction at the end of the last year, with most of that being projects that will cover 500,000 square feet or more.
Average lease rates were 47 cents a square foot, up four cents from the fourth quarter or 2014, the report stated.
“This is a good time to be a seller,” said Jerry Holdner, vice president of market research for Voit Real Estate. “Prices are going up and demand is still high.”
