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VACANCY RATE INCREASES, ASKING LEASE RATE
DECLINES
Currently, the Inland Empire office market is an attractive market for
tenants. Rising vacancy rates coupled with decreasing asking rental rates
are a natural consequence of the massive building boom that has finally
reached its height. This slow and predictable increase in the office supply
has been met with a rapid and drastic drop off in demand as mortgage and
real estate companies begin to come to terms with the bursting housing
bubble.
Developers are responding to the changing market conditions. Projects that
were “under-construction” last quarter – land grading started but concrete
slabs not poured yet - have been downgraded to proposed and larger projects
that have been started are being phased in their development to prevent
a glut of new space hitting the market.
Contact Thomas Galvin at 909.937.6309 for more information.
  OFFIE08Q1.pdf
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