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Office market holds steady

The Inland Empire office market during the last three months of 2022, held steady with few move-outs and much leasing.

The two-county region recorded 77,041 square feet of positive net absorption and a vacancy rate of 8.6 percent, a quarter-over-quarter gain and decline, respectively, according to CBRE.

While those two categories were moving in the right direction, construction – nearly 39,000 square feet – was flat, while the average lease rate of $1.95 a square foot was down slightly from the third quarter.

The San Bernardino County Department of Public Health signed the largest lease of the fourth quarter, to occupy 29,582 square feet at 451 E. Vanderbilt Way in San Bernardino.

Lereta LLC, a real estate finance company, renewed its 41,555 square feet lease at 10760 Fourth St. in Rancho Cucamonga, the largest renewal of the fourth quarter.

The region’s unemployment rate stayed the same between the third and fourth quarters, at 4.2 percent.

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