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Inland Empire Office Market Hangs On

ONTARIO, CA-After outperforming its larger neighbors in recent years, this relatively small office market of Riverside and San Bernardino counties continues to post relatively low vacancy and increased activity.

By Bob Howard | Updated on October 23, 2002

ONTARIO, CA-The Inland Empire’s office market continues to withstand the national recession, California’s lackluster job growth and tentative tenants, according to a new report by Grubb & Ellis.

Grubb & Ellis research for the third quarter of this year showed the office vacancy rate at 11.9% in Riverside and San Bernardino counties, where the relatively small (just under 15 million sf) office market has often outperformed its larger neighbors in recent years. The third-quarter vacancy rate was down from 13.1% in the previous quarter and 14% in the third quarter of last year.

Sales and leasing of Inland Empire office buildings for the first three quarters of this year has already surpassed the activity for all of last year, according to Mary Sullivan, regional client services manager in the Ontario office of Grubb & Ellis. The year-to-date total of nearly 537,000 sf of activity compares with a total of 239,000 sf for all of 2001. Sublease space remains relatively limited in the two-county region, as has speculative construction of office projects.

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