Regional Summaries

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San Bernardino / Riverside

The Riverside/San Bernardino apartment market, which failed to see vacancy above 8.0% in the recession period, is now among the nation’s tightest. Vacancy ended 2015 at just 2.9%, down 10 basis points for the year, up 30 during the fourth quarter. Rent growth grew stronger in 2015. At $1,176 and $1,150 per month, relatively high in relation to household incomes by the way, fourth quarter asking and effective averages represented gains of 4.0% and 4.1% for the year. Growth rates for the fourth quarter alone were 0.6% for both rates. The 219 units of net absorption reported for January 2016 accompanied by no new supply took 20 basis points from the vacancy rate while each mean rent grew by 0.3%.
The Riverside/San Bernardino warehouse/distribution market is one of the nation’s largest and most vibrant. Fourth quarter vacancy in the inland warehouse/distribution market was put by Reis at 10.6%, up 10 basis points for the period, down 40 for the year, and a duplication of the national same-property fourth quarter rate. Rent growth, moderate generally speaking, slowed in 2015 but is expected to increase in 2016. At $4.58 psf and $4.09 psf, fourth quarter asking and effective averages were up 2.2% and 2.8% for the year. Increases for the fourth quarter of 2015 alone were 0.7% for both rates. January 2016 followed with no additions to warehouse/distribution supply, net absorption at negative 326,000 square feet, a flat performance for rents, and a 10-basis-points increase in the vacancy rate.
The small Riverside/San Bernardino general purpose, multi-tenant office market hosts only 20.4 million square feet of existing inventory dispersed among a number of submarkets. Vacancy here remains elevated. Reis put the fourth quarter overall rate at 23.0%, a decline by 130 basis points for the year including a loss of 30 during the final quarter alone. With 27,000 square feet of positive net absorption and no new supply coming online, January 2016 brought a 10-basis-points decline. Rent growth has been slow. At $21.93 psf and $17.58 psf as calculated by Reis, fourth quarter asking and effective averages were up 1.6% and 1.7% for the year. Respective gains for the fourth quarter alone, the year’s best, were 0.6% and 0.7%. January 2016 followed with an essentially flat performance.
Vacancy in the Riverside/San Bernardino community-neighborhood shopping center market ended the year at 9.7%, up 30 basis points since the third quarter, up 10 for the year. Rent growth has been strengthening. The $21.56 psf and $18.69 psf asking and effective averages reported for the fourth quarter were up 1.9% and 2.1% for the year. Gains of 0.4% are indicated for both rates for the quarter. January 2016 followed with no new additions to supply, 2,000 square feet of positive net absorption, gains of 0.1% for both mean rents, and a 20-basis-points decline in the vacancy rate.

Source: Data provided by Reis, inc.

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