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Article: Sales, lease deals show strong demand for warehouse space. (Real Estate Quarterly -- Inland Empire).(Inland Empire industrial market is strong)
- Article from:
- Los Angeles Business Journal
- Article date:
- July 21, 2003
- Author:
CopyrightCOPYRIGHT 2003 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE Inland Empire industrial market remains robust at the year's midpoint, with sales and leasing activity increasing to 8.2 million square feet in the second quarter from 6.3 million square feet in the previous three months, according to Grubb & Ellis Co.
Vacancy rates held steady at 7.3 percent in the second quarter, though market-wide asking rents slipped in the period to 35 cents per foot, exclusive of taxes, insurance and utilities from 39 cents in the prior quarter.
Demand for rental industrial space remains high in the region, in part because of its proximity to seaports and ground transportation hubs, said Mary Sullivan, client services manager ...