Market reports more than 2.35 million SF of new product completed in the first quarter
ONTARIO, CA – April 19, 2013 – (RealEstateRama) — The Ontario office of Lee & Associates, the nation’s largest broker-owned commercial real estate firm, has released its first quarter 2013 Industrial Market Summary for the Inland Empire.
The summary reports that more than 2.35 million square feet entered the market in the first quarter with more than 10.2 million square feet of industrial product under construction. In addition, the report indicated that quality product was leased up with fewer concessions and longer lease terms and average asking lease rates increased to $0.374 NNN.
“I believe this first quarter report is confirming a steadying market place as the Inland Empire continues to emerge from the recession,” said Don Kazanjian, president of Lee & Associates Ontario.
The report, which was prepared by Kathee Wozniak, marketing and research director for Lee & Associates Ontario, also shows that the overall availability rate in the Inland Empire declined from 10.71 percent in the fourth quarter to stand at 9.41 percent in the first quarter 2013. The Inland Empire’s vacancy rate increased slightly from last quarter’s 5.13 percent to 5.31 percent this quarter.
For more information on the Inland Empire industrial market, visit Lee & Associates Ontario web site at: http://resources.lee-associates.com/asp/user/website/officeprofile.asp?officeid=4981.
About Lee & Associates
Celebrating 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, New Jersey, New York, Nevada, Texas, South Carolina and Wisconsin. With a roster of more than 600 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com