IE Business Daily Business news for the Inland Empire.
The Inland Empire’s industrial market enjoyed a strong ending to 2018, according to data released this week.
Average vacancy was 3.8 percent during the fourth quarter, down from 4.5 percent in the fourth quarter of 2017, Voit Real Estate Services reported.
Lease rates in Riverside and San Bernardino counties were 69 cents per square foot, up 14 cents, or 25.4 percent, year-over-year. Sales and lease transactions were down 29.2 percent during that time, but net absorption was 7.6 million square feet, up from 5.4 million square feet at the end of 2017.
Approximately 22 million square feet of industrial product went online in the two-county region, during 2018, and demand for space shows no sign of slowing, the report stated.
