The summary reports that more than 2.74 million square feet entered the market in the fourth quarter, bringing the total constructed in 2013 to over 9.6 million square feet, while more than 18.4 million square feet of industrial product was under construction. In addition, the industrial market remained competitive in the fourth quarter, with average asking lease rates increasing from $0.395 NNN to $0.403 NNN.
“This fourth quarter report confirms an increasingly steadying marketplace, indicating that the Inland Empire is on pace for a full recovery,” said Don Kazanjian, president of Lee & Associates Ontario. “Between declining vacancy rates, competitive lease rates and a variety of high-profile transactions that continue to boost stabilization in the marketplace, we are expecting the Inland Empire’s industrial market to continue to experience positive trends in 2014.”
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 increased from 9.14 percent in the third quarter to stand at 9.22 percent in the fourth quarter 2013. The Inland Empire’s vacancy rate decreased from last quarter’s 4.81 percent to 4.30 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 more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 49 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 750 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.