The Inland Empire office market is not only continuing to recover but occupied space is now above pre-pandemic levels, according to the latest report from NAI Capital.
Particularly, there has been positive movement on the occupancy front. While total vacancies ticked up by 20 basis points in the fourth quarter from the previous three months, the category dipped by 260,015 square feet versus the 12 months prior. The category ticked up on a quarterly basis due to 80,119 square feet of direct office space entering the Inland Empire. That said, vacant sublease space actually saw an 8.6 percent decline in the fourth quarter and a 30.8 percent plunge year-over-year.
"The stabilization of office vacancies has been supported by evolving remote work trends and shifting space utilization strategies," NAI wrote.
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