When it comes to huge industrial spaces, the Inland Empire still reigns supreme, with big-name companies leasing up swaths of space that can top 1M SF. But overall, the desert market is a bit sluggish as it works its way through a backlog of inventory.
The market’s overall vacancy rate in the second quarter was 6.7%, a marginal increase over the first quarter and roughly in line with the same period last year, according to CBRE.
“We’re in a recovery phase,” CBRE Senior Managing Director Ian Britton said.