IE Business Daily Business news for the Inland Empire.
The Inland Empire office market is showing some signs of life.
More than 94,000 square feet of space was absorbed during the second quarter, and more than 152,500 square feet of space was under construction as the quarter ended, according to Voit Real Estate Services’ second quarter report on the Inland region.
By comparison, the two-county region added only 99,760 square feet of office space during all of 2013, the report stated.
Office vacancy was 13.5 percent at the end of the quarter, still high but down 12 percent year-over-year, according to the data.
Asking prices were stable during the second quarter: $1.75 a square foot, virtually unchanged from the first quarter of this year and the second quarter of 2013. Sales and leasing activity were also down year-over-year, but those numbers could move up because some end-of-quarter activity hasn’t been reported yet, according to the report.
“While these are positive indicators, cautious optimism still prevails,” the report stated. “Job creation will need to continue in order to drive the demand needed to sustain growth in the Inland Empire office market.”
