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| Jerry Holdner |
Inland Empire, CA– The Inland Empire
industrial market took significant strides toward continued improvement in 2014
with significant positive absorption for the year thus far, a seven cent or 19
percent increase in asking lease rates, and drops in both vacancy and
availability compared to a year ago.
“Overall in the Inland Empire industrial market over the
last five years, vacancy has decreased over 55 percent while availability has
fallen a jaw-dropping 58 percent,” explains Jerry Holdner, Vice
President of Market Research at Voit.
“The substantial decreases in vacancy and availability are contributing
to the gains in asking lease rates.”
Industrial vacancy
and availability continued trending downward throughout 2014.
Vacancy ended the
second quarter of 2014 at 5.60 percent, a drop of 3.78 percent from 2013’s
second quarter, which is amazing since 12.3 million square feet of new product
has been delivered to the market over the past four quarters.
Likewise, availability posted a rate of 7.48
percent at the close of the quarter, a substantial decrease of almost 14
percent from a year ago.
As lease rates rise, sale prices are also ticking up, notes
Holdner, who attributes this trend to the diminishing supply of industrial
product for sale in Inland Empire.
For a complete copy of the company’s news release, please
contact:
Carla Mantecon
Voit Real Estate
Services
(714) 978-7880
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