Inland Empire Office MarketView Insert Q1 2021

Fueled by high leasing velocity in smaller 1,000-5,000-sq.-ft. spaces, net absorption slowed to negative 42,843 sq. ft. from negative 61,148 in Q4 2020, indicating increasing leasing volume since the start of the pandemic.

Inland Empire unemployment, which reached a high of 15.2% a year ago, dropped to 8.1% in February. In seasonally adjusted terms, the region has recovered 61% of the jobs that were lost during the spring 2020 pandemic shutdown. 

The overall average asking lease rate decreased by $0.01 to $1.99 per sq. ft. per month from Q4 2020 and is down 2.9% year over year.