IE Business Daily Business news for the Inland Empire.
The Inland Empire industrial market held steady during third quarter, posting increases in absorption and lease rates and maintaining its second quarter vacancy rate, according to data released Oct. 8.
The region absorbed three million square feet of industrial space during the third quarter, a “strong rebound” from the second quarter, while the average lease rate of $1.09 per square foot was a slight increase quarter-over-quarter, CBRE reported.
Vacancy was 6.7 percent, same as the second quarter. The report’s one negative was the 7.7 million square feet of industrial space that was under construction, a sharp decline from the second quarter and the lowest level in that category since the first quarter of 2013.
“Economic uncertainty stemming from evolving tariff policy, elevate interest rates and declining consumer sentiment has challenged the Inland Empire industrial market, but the market has demonstrated resilience,” the report states.
