RIVERSIDE, CA—GlobeSt.com received an advanced copy of theLee & Associates' Riverside office reportshowing the office market continuing its slow and steadystabilization with projected growth on the horizon. According tothe firm, the region saw both positive absorption and decreasedvacancy.
“This is a very promising report and shows that the InlandSouthern California office market continues to grow marking itsfourth consecutive year of positive net absorption in 2013, with2014 expected to do the same,” says David Illsleyof Lee & Associates Riverside.
With net absorption in the region totaling almost 262,000 squarefeet year-to-date, vacancy rates dipped region-wide to 17.3% as thehousing market continues to recover and new residential developmentcommences. The report, which was prepared by CarolinePayan, director of marketing and research of Lee'sRiverside office, also shows that absorption will continue to bedriven by an increase in employment and the lack of newconstruction in the marketplace.
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