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Regional Summaries

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San Bernardino / Riverside

Apartment
Vacancy in the San Bernardino apartment market has been at or below 3.0% from the first quarter of 2014 through the third quarter of 2017. The rate for that quarter was 3.0%, up 20 basis points for the period and up 40 year-to-date following a decline by 40 through 2016. By the end of November, the rate had added 40 basis points. At $1,300 and $1,252 per month, third quarter asking and effective averages were up 2.7% and 1.9% year-to-date. Gains in the third quarter alone, however, were just 0.4% for both rates. And an essentially flat performance followed over the next two months.
Industrial
The San Bernardino warehouse/distribution sector vacancy ended the third quarter of 2017 at just 7.0%, up 20 basis points for the period but down 30 year-to-date following a 150-basis-points decline through 2016. The relative balance of new supply and net absorption that followed over the October-November span left the rate unchanged. Rent growth continues to accelerate. At $5.08 psf and $4.56 psf, third quarter average asking and effective warehouse/distribution space rents were up 4.5% and 4.8% year-to-date following 2016’s strong 4.3% and 4.6% gains. By the end of November, the Inland Empire averages had risen to $5.26 psf and $4.74 psf.
Office
Vacancy in the San Bernardino general purpose, multi-tenant office market remains elevated. The third quarter 2017 rate was 21.1%, down 20 basis points for the period but the same as reported for year-end 2016 following that year’s large 190-basis-points drop. Rent growth remains sluggish; losses sustained during the recession and its weak aftermath have yet to be redeemed. Third quarter 2017 average asking and effective rates, still below pre-recession levels, were $22.37 psf and $17.99 psf, up 1.4% each year-to-date following gains of just 0.6% and 0.9% all told in 2016. Gains for the third quarter alone were 0.3% for both averages. October-November followed with increases of 0.4% asking and 0.5% effective.
Retail
San Bernardino community-neighborhood shopping center vacancy ended the third quarter of 2017 at 9.1%, down 10 basis points both for the period and year-to-date after a 30-basis-points decline through 2016. Third quarter mean asking and effective rents were $22.58 psf and $19.63 psf, up 2.3% and 2.4% year-to-date following increases of 2.4% and 2.6% all told in 2016. Gains in the third quarter alone were 1.2% for both rates, to which October-November brought miniscule losses.

Source: Data provided by Reis, inc.

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