The Inland Empire’s retail vacancy rate was eight percent during the third quarter, unchanged from the second quarter and down 80 basis points year-over-year.
Riverside and San Bernardino counties absorbed 70,613 square feet of retail space during the third quarter, and there were 926,428 square feet of retail space under construction when the quarter ended, according to CBRE.
Average lease rates in the Inland region were $2.07 per square foot.
“This year’s summer began with a surge but eased back as the Delta variant forced consumers to rethink their holidays and restaurant visits,” CBRE’s third-quarter report on Inland retail stated. “The Inland Empire retail market was hit hard by the pandemic, [but] the market’s recovery outpaced expectations due to increased leasing activity and strong year-to-date net absorption.”
Nationwide, total retail sales grew 5.7 percent year over year in the third quarter and are expected to reach $52.6 billion by the end of the year, according to CBRE.