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Regional Summaries

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San Bernardino / Riverside

Apartment
The San Bernardino apartment market is very tight. Reis put fourth quarter 2016 vacancy at just 2.4%, down 40 basis points for the period and down 50 for the year. Rent growth, not surprisingly, has been strong. At $1,262 and $1,227 per month, fourth quarter asking and effective averages were up 4.9% and 5.0% for the year. Gains for the latest quarter alone were 0.8% for both rates, to which January 2017 added respective increases of 0.5% and 0.4%—along with a soon-to-be-erased 10-basis-points increase in the vacancy rate.
Industrial
Fourth quarter 2016 vacancy in the Inland Empire warehouse/distribution market was put by Reis at 10.2%, down 20 basis points from a quarter earlier and down 10 for the year. January 2017’s positive absorption with no supply delivered subtracted 10 additional points. At $4.71 psf and $4.22 psf, fourth quarter average asking and effective warehouse/distribution space rents were up 2.8% and 3.2% for the year. Gains in the fourth quarter alone were 0.6% and 0.7%. January followed with increases of 0.4% and 0.2%.
Office
Vacancy in the San Bernardino general purpose, multi-tenant office market ended the fourth quarter of 2016 at 21.1%, a loss of 90 basis points for the period alone and a loss of 190 year-over-year. Modest negative net absorption in January 2017 was accompanied by a flat vacancy curve for the month. Fourth quarter average asking and effective lease rates at $22.06 psf and $17.74 psf remained below pre-recession levels. While the asking average is getting close, the mean effective rate remains nearly $2.00 off the pre-recession high. Meanwhile, respective gains of just 0.6% and 0.9% are indicated for 2016. Growth rates for the latest quarter alone were 0.0% and 0.1%, to which January 2017 added essentially no changes.
Retail
San Bernardino’s community-neighborhood shopping center vacancy rate ended 2016 at 9.3%, down 30 basis points since the third quarter and since year-end 2015. The $22.06 psf and $19.15 psf fourth quarter asking and effective rents were up 2.4% and 2.5% year-over-year. Gains for the fourth quarter alone were 0.6% and 0.7%. January 2017’s vacancy rate was put at 9.4% while the average asking and effective rents each lost a penny during the month.

Source: Data provided by Reis, inc.

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