IE Business Daily Business news for the Inland Empire.
The Inland Empire office market added more than 323,172 square feet of space during 2016, with most of that activity happening around Ontario International Airport, according to data released Tuesday.
That absorption, combined with an absence of new development, caused the two-county region’s vacancy rate to drop to 12.9 percent during the fourth quarter, down from 14.7 percent year-over-year, Newmark Grubb Knight Frank stated in its report on the Inland Empire office market.
Office vacancy reached its peak in this cycle when it hit 23.9 percent during the second quarter of 2011.
Average rent for office space in Riverside and San Bernardino Counties during last quarter of 2016 was $1.63 a square foot, down four cents year-over-year, Newmark Grubb Knight Frank reported.
