IE Business Daily Business news for the Inland Empire.
The Inland Empire’s retail sector put up solid numbers during the fourth quarter, despite persistent inflation and a tighter-than-normal credit market.
Vacancy was 6.5 percent, unchanged from the previous quarter, while the average lease rate of $2.15 per square foot represented a modest four-cent decrease compared with the third quarter, according to CBRE.
The west end retail market – Ontario, Rancho Cucamonga, Corona – fared the best of any Inland submarket during the last three months of 2022, posting an average per-square-foot lease rate of $2.47.
Net absorption totaled 108,877 square feet during last year’s fourth quarter, 25 percent higher than the 87,152 square feet that was absorbed during the previous quarter. Neighborhood centers absorbed 140,457 square feet, while community centers took the biggest hit with minus 54,093 square feet of absorption.
More than 1.3 million square feet of retail space was under construction in the Inland region during the fourth quarter, including eight projects that totaled more than 1.3 million square feet, CBRE reported.
