IE Business Daily Business news for the Inland Empire.
Lease rates for industrial space in Riverside and San Bernardino counties reached 51 cents per square foot at the end of last year, topping the previous peak rate set in 2007, according to data released Thursday.
New buildings that commanded a premium price, along with strong demand for quality industrial space, caused Inland Empire lease rates to climb by 13.3 percent in 2016, CBRE Group Inc. stated in its latest quarterly analysis of the Inland Empire industrial market.
The two-county region absorbed 17.1 million square feet of industrial space – 8.3 million square feet on the east end, 8.8 million square feet on the west end – during 2016. More than 20 million square feet of industrial space was completed in the Inland Empire last year, the report stated.
