IE Business Daily Business news for the Inland Empire.
The Inland Empire office market perked up a little during the second quarter.
The two-county region’s vacancy rate during April, May and June was 14.1 percent, essentially unchanged from the 14.4 percent rate recorded during the first quarter, according to CBRE Group Inc.
However, from May 2011 to May of this year, the office vacancy rate in Riverside and San Bernardino counties has declined from 22.8 percent. Also, the region has recorded positive net absorption in 17 of the past 18 quarters, including the 64,332 square feet it absorbed during the second quarter of this year, CBRE Group reported.
On the downside, no office construction is being planned, and the market will have to tighten even more before rents would increase enough to warrant more construction.
At the end of the second quarter, average office lease rates in the Inland Empire were $1.87 a square foot, unchanged from the first quarter, according to CBRE Group.
