IE Business Daily Business news for the Inland Empire.
The Inland Empire retail market performed solidly during the second quarter, posting a drop in vacancy and a rise in net absorption.
Vacancy during the second quarter was 8.9 percent, below 2016 levels and about where it was two years ago, according to CBRE Group Inc.
Despite some anchor store closing throughout the region, plenty of retail in the 10,000 to 40,000 square foot range remain open and healthy, which is keeping the region’s vacancy in check.
During the second quarter, 355,936 square feet of positive retail space was absorbed in Riverside and San Bernardino counties. Much of that increase can be attributed to twice as many deals in the 10,000-square-foot range being completed in the second quarter as were completed in the first quarter, CBRE reported.
Average lease rates during April, May and June were $2.03, a slight drop from the first quarter but up 12 percent year-over-year.
As the second quarter ended, the 458,725 square feet of retail space was under construction in the Inland region, down compared with the first quarter but an improvement year-over-year, according to CBRE.
