Inland retail market has strong third quarter

Available retail space in the Inland Empire fell to 6.7 percent during the third quarter, the result of strong leasing and a filling up of empty space, according to CBRE.

Net absorption was 501,000 square feet, a major improvement compared with the negative 65,000 square feet posted during the second quarter, CBRE reported.

All the region’s seven submarkets posted positive absorption-related numbers during the third quarter.

Construction deliveries totaled 169,000 square feet, up from 52,000 square feet during the the previous quarter. The bulk of that – 158,000 square feet – can be attributed to a strip center that opened in south Riverside County.

Average retail rents rose to $1.77 per square foot per month during the third quarter, a six-cent increase from the second quarter, according to CBRE.