IE Business Daily Business news for the Inland Empire.
The Inland Empire retail market posted solid numbers during the second quarter, with vacancy down and net absorption up.
Vacancy was 7.78 percent during the quarter, down slightly from May and down 8.1 percent year-over-year, according to Voit Real Estate Services’ second quarter report.
More than 257,000 square feet of space was added to the retail market in the two-county region during the second quarter, and more than 173,000 square feet of space was under construction when the quarter ended.
The average lease rate at the end of the quarter was $1.38 cents, essentially unchanged compared with the second quarter of 2013. Overall demand for retail space in the Inland Empire continues to rise, and that trend should continue as more space comes online, according to the report.
