The office space vacancy rate in the Inland Empire rose to more than 17 percent in this year’s third quarter, according to a report recently published by Studley Inc., a New York-based commercial real-estate firm.
That’s up from about 10 percent during the same quarter in 2007.
Rental rates for office space continue to drop, too. The average was $23.81 per square foot in the third quarter, down from $24.55 at this time last year.
About 50 buildings totalling 1.6 million square feet were finished over the last two quarters, “leaving 1.6 million square feet currently under construction,” the report says.