The Inland Empire industrial market continued to post strong numbers during the fourth quarter.
Vacancy during the last three months of 2020 was 3.1 percent, down from 3.6 percent in the third quarter and 4.6 percent year-over-year, according to a report released by Voit Real Estate Services.
That increase, impressive in any market, was even more so considering it happened alongside an increase in COVID-19 and much speculative development in both counties.
The fourth quarter report “makes clear the nearly insatiable appetite the logistics and e-commerce sectors have for quality space.”
Average lease rates were 78 cents per square foot, up three cents from the third quarter and year-over-year. That number would have been higher, but many projects that went on the market during the fourth quarter did not have an asking pride.
Overall transactions – leases and sales – remained high during the fourth quarter, and total absorption – 13.3 million square feet – was up 44.7 percent year-over-year, according to Voit.