ONTARIO, CA-GlobeSt.com exclusively learns that the Ontario office of Lee & Associates' first quarter 2013 Industrial Market Summary for the Inland Empire shows indicated that quality product was leased up with fewer concessions and longer lease terms and average asking lease rates increased to $0.374 NNN.
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. “I believe this first quarter report is confirming a steadying market place as the Inland Empire continues to emerge from the recession,” says 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% in the fourth quarter to stand at 9.41% in the first quarter 2013.
The Inland Empire's vacancy rate increased slightly from last quarter's 5.13% to 5.31% this quarter.
Check back in the next day or so for more (including charts) from this report, including a comparison of the East vs. West submarkets.
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