IE Business Daily Business news for the Inland Empire.
The Inland Empire absorbed close to five million square feet industrial space in the fourth quarter of 2017, as its overall vacancy rate fell to 3.7 percent, according to a report.
An estimated 23 million square feet of industrial space was under construction during the last three months of last year, and average lease rates in Riverside and San Bernardino counties were 53 cents per square foot, CBRE Group Inc. reported.
“The Inland Empire industrial market has become its own ‘North Star’—a shining leader unmatched in sheer activity and absorption,” the report stated. “Strong tenant activity during the year solidified the Inland Empire as the beacon for industrial growth in Southern California.”
As 2018 gets underway, the largest question facing the Inland industrial market is whether there will be enough space for “big-box” industrial projects, generally defined as 500,000 square feet and larger, the report stated.
