Regional Summaries

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San Bernardino / Riverside

The San Bernardino apartment market is extraordinarily tight. Reis put first quarter 2017 vacancy at just 2.7%, up 10 basis points for the period and down 20 over the year. Vacancy was 2.8% through April and May. Rent growth, not surprisingly, has been strong. At $1,275 and $1,239 per month, respective first quarter asking and effective averages were up 0.8% and 0.7% for the quarter, and up 5.2% and 4.9% for the year. Note the small gap between these rates, a sign of a limited role for landlord concessions. The combined gains of 0.9% asking and 0.5% effective followed through April and May.
San Bernardino’s warehouse/distribution sector vacancy ended the first quarter of 2017 at 9.6%, down 40 basis points for the period following a 20-basis-points slide through 2016. Data for May indicate a rate of 8.1%. At $4.76 psf and $4.26 psf, respective first quarter average asking and effective warehouse/distribution space rents were up 1.1% and 0.9% for the period following increases of 2.8% and 3.2% all told last year. The next two months followed with combined gains of 0.8% asking and 0.7% effective.
Vacancy in the San Bernardino general purpose, multi-tenant office market remains elevated. The first quarter 2017 rate was 21.3%, up 20 basis points for the period following 2016’s large 190-basis-points drop. April added 10 basis points to the rate before it returned to 21.3% in May. Average asking and effective lease rates, still below pre-recession levels, were $22.22 psf and $17.86 psf, respectively, for the quarter, up 0.7% each following gains of just 0.6% and 0.9% all told in 2016. April and May followed with increases of 0.1% for both rent categories each month.
San Bernardino community-neighborhood shopping center market vacancy ended the first quarter of 2017 at 9.4%, unchanged from a quarter earlier. The $22.10 psf and $19.19 psf mean first quarter asking and effective rents were up 0.2%, respectively, for the quarter following increases of 2.4% and 2.5% last year. Both rent categories saw gains of 0.3% in April and 0.2% in May.

Source: Data provided by Reis, inc.

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