IE Business Daily Business news for the Inland Empire.
More than 265,500 square feet of retail space was absorbed in Riverside and San Bernardino counties during the last three months of 2017, according to CBRE Group Inc.
The region’s retail vacancy rate was 8.2 percent in the fourth quarter, an estimated 422,000 square feet of space was under construction when the quarter ended and average lease rates were $2.10 per square foot, CBRE reported in its most recent report on the Inland Empire retail market.
“Once considered a secondary market by tenants and investors, the Inland Empire’s availability of affordable space, growing demographics, and existing space have made the region far more enticing, further propelling the market forward,” the report stated.
More landlords in the two-county region are moving away from filling large “big-box” spaces with one tenant and instead are subdividing those spaces and filling them with multiple tenants. Also, medical tenants are filling spaces in neighborhood markets, a trend that is “slowly making headway” in the Inland Empire, according to the report.
