IE Business Daily Business news for the Inland Empire.
The Inland Empire office market showed signs of life during the third quarter.
Absorption was minus 35,000 square feet, a major improvement compared with the minus 140,000 square feet recorded in the second quarter, according to CBRE.
Fewer large blocks of office space returning to the market was the reason for that reduction.
Lease rates rose by six cents, to $2.34 a square foot, the fifth consecutive quarter-over-quarter increase.
Overall leasing also improved during then second quarter, increasing 16 percent from the second quarter to 154,000 square feet. Fifty transactions were recorded, with Class A properties accounting for more than half of the Inland region’s office new office eases.
Vacancy rose 10 base points quarter-over-quarter, from 6.5 percent in the second quarter to 6.6 percent in the third quarter.
Only three office spaces larger than 10,000 square feet went vacant in the third quarter, compared with seven in the second quarter, according to CBRE.
