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Inland Empire Retail Figures Q2 2023

July 28, 2023 10 Minute Read

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The Inland Empire’s average asking lease decreased quarter-over-quarter by $0.03 to $1.97 per sq. ft. As tenant desire for quality space intensifies, landlords face pressure to drop their asking rents to attract occupants in currently open spaces. The West End submarket finished Q2 with the highest average asking lease rate at $2.33 per sq. ft, down $0.03 quarter over quarter. The High Desert again saw the lowest asking lease rate of the quarter amongst subregions: $1.80 per sq. ft. The largest change quarter over quarter took place in the Low Desert, where the rate increased $0.05 from $1.89 to $1.94. A market wide lease rate of $1.97 is the lowest rate since Q3 2017, but decreasing only $0.03 compared to the previous quarter over quarter deduction of $0.15 suggests easing volatility in the IE retail sector.