IE Business Daily Business news for the Inland Empire.
The Inland Empire retail market held its ground during the third quarter, adding space and posting a modest increase in net absorption.
Two hundred eight thousand square feet of retail space was added during the third quarter, nearly triple the 77,000 square feet that came online during the second quarter, according to CBRE.
Net absorption totaled 16,000 square feet, up from a revised 14,000 square feet the second quarter. The two-county region closed the third quarter with a seven percent availability rate, a slight increase from the previous three months that was caused in part by the increase in new space that happened during the third quarter.
The average retail least rate – $1.72 per square foot – held steady, while investment sales totaled $112 million, down from a revised $224.4 million quarter-over-quarter. The second quarter number included one $87 million portfolio transaction, according to CBRE.
