IE Business Daily Business news for the Inland Empire.
The Inland Empire multifamily market closed the third quarter with a 95.8 percent occupancy rate, a slight decline from the previous quarter, according to a report.
The 0.4 percent drop can be attributed to projects, especially luxury projects, coming onto the market, causing vacancies to rise, CBRE reported.
Demand for space also dropped.
Only 741 multifamily units were absorbed during the third quarter, down from 2,367 units during the second quarter, a drop CBRE called “significant.” One thousand five hundred and eight units were completed during the third quarter, down from 1,703 units delivered in the second quarter.
Average monthly rents during the third quarter remained at $2,316, mostly because new deliveries continued to slow rent growth.
Investment sales of multifamily properties reached $395.2 million, up from $123.9 million quarter-over-quarter. Larger deals – Esplanade at Riverwalk (588 units) and Venue at Orange (328 units) – dominated that part of the market, CBRE reported.
