The average asking lease rate for office space in the IE was $2.04 per sq. ft. in Q2 2020. While the lease rate sank slightly quarter to quarter, it is still the highest rate achieved since 2009. Vacancy was similarly undeterred and is currently at its lowest level since 2005.
The unemployment rate for the Inland Empire jumped to 14.7% in April, the highest unemployment has been since July 2010.
Overall leasing activity was light in the IE due to softening demand in the wake of the COVID-19 pandemic. Net absorption was negative 13,323 sq. ft. for Q2 2020 though net absorption for the full year is still positive at 97,598 sq. ft.