IE Business Daily Business news for the Inland Empire.
The Inland Empire office market continued to improve during the start of 2016.
While no new office buildings went online in Riverside and San Bernardino counties during the first three months of this year, approximately 167,000 square feet of office space was under construction there during that time, according to Voit Real Estate Services’ first quarter report on the Inland Empire office market.
The market absorbed 106,109 square feet of space during the first quarter, and had an average lease rate of $1.81 a square foot. That lease rate was an increase of six cents year over year, the report stated.
Office lease rates in the two-county region are expected to keep increasing during the rest of this year, according to Voit.
The region’s office vacancy rate during the first quarter was 12.08 percent. The Inland Empire office market will continue to improve only if the region’s job market continues to strengthen, the report stated.
