 |
| Jerry Holdner |
INLAND EMPIRE, CA, (Oct. 6, 2014) –The Inland Empire industrial market took significant
strides toward continued improvement in 2014 with positive absorption for the
year thus far, a six cent or 16 percent increase in asking lease rates, and
drops in both vacancy and availability compared to the previous quarter.
“Overall in the Inland Empire industrial market over the
last five years, vacancy and availability have decreased over 50 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 and higher
occupancy costs.”
Industrial vacancy and availability continued trending
downward throughout 2014.
Vacancy ended the third quarter of 2014 at 5.70 percent, an
increase of 1.24 percent from 2013’s third quarter, due to almost five million
square feet of new construction that was added during the quarter.
“This is notable, since 21 million square feet of new
product has been delivered to the market over the past five quarters. Likewise, availability posted a rate of 8.0
percent at the close of the quarter, a decrease of almost 3.5 percent from a
year ago.”
For a complete copy of the company’s news release, please
contact:
Carla Mantecon
Voit Real Estate Services
(714) 978-7880
No comments:
Post a Comment