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Regional Summaries

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San Bernardino / Riverside

Apartment
Vacancy in the Inland Empire apartment market has run in the neighborhood of 3.0% since early 2014. The rate in the fourth quarter of 2017 was 3.3%, up 40 basis points for the period and up 80 for the year following a decline by 50 through 2016. No change followed in January 2018. Asking and effective average rents grew by 5.2% and 5.1%, respectively, in 2016. In 2015, the increases were greater still. While a slowing is indicated for 2017, growth remains substantial. At $1,299 and $1,250 per month, asking and effective averages were up 2.7% and 1.7% for the year. Growth rates in the fourth quarter alone were negative at 0.1% and 0.2%. January 2018 followed with gains of 0.4% for both averages.
Industrial
The market continues to tighten in the Inland Empire warehouse/distribution market. Vacancy here in the fourth quarter of 2017 was just 6.3%, down 40 basis points for the period and down 80 for the year following a 170-basis-points decline through 2016. Rent growth, with dramatic gains, continues to accelerate. At $5.40 psf and $4.88 psf, fourth quarter average asking and effective warehouse/distribution space rents were up fully 7.4% and 8.2% for the year following gains of 5.9% and 6.6% in 2016. By the end of January 2018, the averages had risen to $5.41 psf and $4.89 psf.
Office
Vacancy remains relatively elevated in the Inland Empire general purpose, multi-tenant office market. The fourth quarter 2017 vacancy rate was 17.2%, down 40 basis points for both the period and the year following a decline by 230 in 2016. January 2018Â’s positive net absorption shaved 30 additional basis points from the rate. Rents are low and growth was moderate in 2017. Indeed, average rental rates remain below pre-recession levels. Fourth quarter asking and effective averages were $22.51 psf and $18.09 psf, up 2.2% and 2.3% for the year following gains of just 0.5% and 0.9% in 2016. Gains in the fourth quarter alone were 0.8% for both averages. No changes followed in January 2018.
Retail
Inland Empire community-neighborhood shopping center vacancy ended the 2017 at 9.3%, up 20 basis points since the third quarter and up 10 for the year after a 30-basis-points decline in 2016. Local fourth quarter mean asking and effective rents were $22.66 psf and $19.69 psf, up 2.6% and 2.7% for the year following increases of 2.5% and 2.6% in 2016. Gains in the fourth quarter alone were 0.4% and 0.3%. Losses at 0.1% followed for both rates in January 2018.

Source: Data provided by Reis, inc.

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