IE Business Daily Business news for the Inland Empire.
The Inland Empire industrial market continued to roar during the second quarter.
Vacancy was 3.7 percent, net absorption was 6.2 million square feet, approximately 17.2 million square feet of development was under construction and lease rates were 50 cents per square foot as the quarter ended, according to CBRE Group Inc.
All four of those categories were headed in the right direction compared with the first quarter: vacancy was down while net absorption, construction and lease rates were all up.
“At the halfway of the year it’s apparent that 2016 is destined to be a great year, perhaps even stronger than 2015,” CBRE Group stated in its second quarter report on the Inland Empire industrial market, which was released Friday.
The report referred to today’s market as a “Golden Age” for the Inland Empire industrial sector, one that is being driven by e-commerce companies that are absorbing large parcels of industrial space in the region.
“Overall, the market remains poised to benefit … as container volumes at the ports continue to outperform the previous year’s volumes,” the report stated.
