IE Business Daily Business news for the Inland Empire.
The Inland Empire office market absorbed 77,756 square feet space in the third quarter, bringing the region’s net absorption for the first nine months of the year to nearly 289,000 square feet, according to data released this week.
Rents leveled after six months of consecutive growth, dropping one cent to $2.06 per square foot, with average asking rates up nearly four percent year-over-year, according to Newmark, the global commercial real estate brokerage.
New projects remained low, with only 123,000 square feet of office space under construction – three separate projects – reported to be under construction during the third quarter.
”Most current trends hint at softening demand for office space in the near future,” the report states. “The recovery of all pandemic job losses means that there is little remaining room for employment growth, slowing the rate of expansion. Slow hiring means less office space is needed for new workers.”
