Office Vacancy Rate for Inland Area Falling
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A recent survey indicates that the vacancy rate for office space in the Inland Empire West office market is continuing to fall, and dipped to 24% during the first quarter of this year.
Even so, Robert H. S. Kirkpatrick, vice president and district manager of Grubb & Ellis’ Ontario office, said, “Our office market will continue to grow due to the fact that the sizes of individual deals are getting larger.”
Kirkpatrick’s office conducted the study of 27 buildings in Chino, Fontana, Montclair, Ontario, Rancho Cucamonga and Upland, showing that as of March 31, 382,847 square feet of office space was vacant from a base of 1.5 million square feet. The study also revealed that 476,865 square feet of office space is under construction in the area, and about 3% of that has been pre-leased.
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