IE Business Daily Business news for the Inland Empire.
The Inland office market finished 2107 on solid footing, according to data released Thursday.
While nothing new was built, the region did absorb a little more than 193,000 square feet of space during last year’s fourth quarter, according to CBRE Group Inc.’s quarterly report.
Also, the Inland region’s office vacancy was just under 11 percent, and average lease rates were $1.92 a square foot.
Vacancy on the west side fell below 10 percent for the first time since 2007.
For the year, Riverside and San Bernardino counties absorbed nearly 390,000 square feet of office space, the sixth consecutive year the two-county region’s office market recorded positive net absorption.
“Construction of new office product is noticeably absent in 2017 and this trend will likely continue so long as lease rates remain low compared to neighboring markets,” the report stated. “Nevertheless, gross activity remained strong through the waning months of the year, cementing the desirability of the Inland Empire’s existing stock of quality office space.
“So long as the population continues to increase and unemployment dwindles, the Inland office market will reap the benefits in the coming months.”
