IE Business Daily Business news for the Inland Empire.
Office vacancy in the Inland Empire was essentially unchanged during the second quarter, according to a report.
Empty space in Riverside and San Bernardino counties accounted for 7.5 percent of the region’s office market in the second quarter, down from 7.7 percent in the first quarter, according to CBRE.
Office vacancy in the Inland region has now been stable or decreased for eight consecutive quarters.
Net absorption totaled 34,000 square feet during the second quarter, with Class A space recording nearly 86,000 square feet, the most of any sector. No office projects began construction in the Inland Empire in the second quarter.
Average lease rates in the second quarter were $2.03 cents per square foot, a quarter-over-quarter drop of two cents.
The largest transaction of the second quarter was the sale of a 94.000-square-foot building for $17.4 million in the Loma Linda Corporate Business Center. That building, at 10417 Mountain View, is fully leased to San Bernardino County through July 2032, according to CBRE.
