ONTARIO, CA-GlobeSt.com exclusively learns that the Ontario office of Lee & Associates' first quarter 2013 Industrial Market Summary for the Inland Empire shows indicated that quality product was leased up with fewer concessions and longer lease terms and average asking lease rates increased to $0.374 NNN.
The summary reports that more than 2.35 million square feet entered the market in the first quarter with more than 10.2 million square feet of industrial product under construction. “I believe this first quarter report is confirming a steadying market place as the Inland Empire continues to emerge from the recession,” says Don Kazanjian, president of Lee & Associates Ontario.
The report, which was prepared by Kathee Wozniak, marketing and research director for Lee & Associates Ontario, also shows that the overall availability rate in the Inland Empire declined from 10.71% in the fourth quarter to stand at 9.41% in the first quarter 2013.
The Inland Empire's vacancy rate increased slightly from last quarter's 5.13% to 5.31% this quarter.
Check back in the next day or so for more (including charts) from this report, including a comparison of the East vs. West submarkets.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
