IE Business Daily Business news for the Inland Empire.
The Inland Empire office market recorded 9.5 percent vacancy during the fourth quarter of 2023, a year-over-year increase of little more than one percent, according to data released Monday.
Despite that, “the Inland Empire office market has upheld robust market fundamentals by catering to its primarily local population,” which has kept the impact of hybrid schedules and working at home to a minimum, Cushman & Wakefield reported.
On the downside, net absorption of office properties during the last three months of 2023 was minus 58,763 square feet, the sixth consecutive quarter of negative absorption. New leasing also declined during the fourth quarter, to 208,495 square feet and 96 transactions, not counting renewals.
During the fourth quarter of 2023, those number were 223,341 and 92 deals, compared with 376,105 square feet and 139 deals the last three months of 2022.
Average asking rent – $2.21 per square foot – fell by one percent in the fourth quarter of 2023, a year-over-year drop of 1.2 percent, according to Cushman & Wakefield.
