IE Business Daily Business news for the Inland Empire.
The Inland Empire industrial market stayed red hot during the first quarter, fueled by the demand for e-commerce created by the pandemic, according to data released today.
Vacancy fell to 2.73 percent during the first three months of 2021, despite a number of speculative projects that came on the market in Riverside and San Bernardino Counties during that time, Voit Real Estate Services reported.
That was a year-over-year drop of nearly 1.7 percent. Construction remained strong, which kept the vacancy rate from reaching dangerously low levels.
“The Inland Empire is still the only major market in Southern California with significant construction activity,” in its industrial sector, the report noted.
Average lease rates were 83 cents a square foot, up 10 cents from the first quarter of 2020.
Slightly more than 14 million square feet of transactions happened in the first quarter, down from approximately 16,500,000 square feet year-over-year. Net absorption was a little more than five million square feet, down from approximately seven million square feet one year earlier, according to the report.
