Tuesday , June 18 2024
Inland Office Market Improves.001
Inland Office Market Improves.001

Inland office market improves

The Inland Empire office market is showing signs of a recovery.

The vacancy rate for all office space in Riverside and San Bernardino counties during the third quarter of this year was 14.4 percent, down from 15.4 percent during the second quarter, according to a report originally published in The Press-Enterprise.

Office vacancy in the two-county region was close to 17 percent one year ago, according to the report, which cited data released by the Ontario office of Voit Real Estate Services.

Still, only 28,000 square feet of office space is currently under construction in the Inland region. That means much of the office space that went vacant when the recession first hit in 2008 is now being filled.

Of the Inland cities with more than 75 office buildings, vacancy rates in Rancho Cucamonga, Redlands, Riverside and Victorville remain relatively low. Ontario, the region’s unofficial financial headquarters, has an office vacancy above 23 percent, according to the report.

Check Also

Affordable housing project breaks ground in Riverside

A 59-unit affordable housing project complex for seniors is under construction in downtown Riverside. Mulberry …