IE Business Daily Business news for the Inland Empire.
The Inland Empire industrial market sustained a 14 percent drop-in lease rates during the fourth quarter of 2024, one of five major industrial markets to experience a double-digit decrease during that time.
The Empire region also recorded 46 million square feet of new leases during the last three months of 2024, making it one of two markets, along with Dallas-Ft. Worth, to top 45 million square feet of new leases in the quarter, Cushman & Wakefield reported.
Nationwide, the industrial vacancy rate climbed to 6.7 percent, slightly below the 10-year, pre-pandemic average.
Net absorption in the fourth quarter measured 36.8 million square feet, up from the 33.3 million square feet feet recorded in the third quarter but down 20 percent year-over-year.
“Industrial vacancy is likely nearing its peak for this cooling cycle in the coming quarters,” said Jason Price, Cushman’s senior director of logistics and industrial research, in a statement. “In the fourth quarter we saw positive annual absorption in 60 percent of the 84 markets we track, and eight markets reported more than five million square feet of absorption for the year.”
