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Market Report

Riverside-San Bernardino Office Market Report

2Q 2023

Unique Office Composition Serves as the
Foundation for the Metro’s Standout Performance

Prospective tenants presented with fewer options. The Inland Empire entered April with the lowest office vacancy rate among major U.S. markets. This standing will be preserved this year, due in part to the composition of the local stock and the metro’s historically high number of traditional office-using workers. As of March, there was 250 square feet of space per traditional office position, a ratio well below other California markets. Moving forward, this will limit options for companies seeking space or contemplating a renewal. The metro also has a below-average count of high-quality properties, with Class A space accounting for 18 percent of total stock versus a national figure of more than 40 percent. This contrast and a near-term lack of traditional office deliveries will fuel competition among firms seeking to move up in quality. Recent data reflects this, as over the past 12 months Class A vacancy fell 50 basis points, suggesting demand could spill over into the Class B sector. 

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