I.E. office market vacancy rate jumps to 17 percent in 3Q

   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.

2 thoughts on “I.E. office market vacancy rate jumps to 17 percent in 3Q

  1. After reading your blog, it is apparent that more and more small businesses are suffering from the economic fallout of the housing and banking crisis. For small businesses in the Inland Empire to survive we need for residents to provide whatever support they can. Town Square Cleaners & Laundry has been providing drycleaning and laundry services in the IE for well over 4 years. We offer pickup and delivery to businesses and residents, as well as walkin customers to our store front, located on the Southwest corner of Foothill and Haven at the Town Square Retail Shops.

    Rather than becoming another casualty, we are asking for your support, we need for local businesses and residents in the area to come out and support us! For more information about Town Square Cleaners visit http://www.townsquarecleaners.com or call (909) 581-0430. In a market that requires one to make changes, we are looking to local residents and businesses to support each other to help make it through this time.

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