San Bernardino County office property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
Analysis By WPA 2023
Data By CBRE Market Research 2023
Cities included in this market include Colton, Corona, Grand Terrace, Loma Linda, Moreno Valley, Norco, Redlands, Riverside, San Bernardino, Chino, Chino Hills, Fontana, Ontario, Rancho Cucamonga, and Upland.
San Bernardino County hotel property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
Analysis By WPA 2023
Data By STR, TE, February 3, 2023 (Published), As of December 31, 2022
2022 Year End Indicators
* Uneven, non-linear recovery across industry segments.
* Overall construction pipeline activity is down. Some December 2022 growth in construction is seen.
San Bernardino County industrial building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
Analysis By WPA 2023
Data By CBRE Market Research 2023
The largest cities in Riverside County by population include: Riverside, Moreno Valley, Corona, Murrieta, Temecula, Jurupa Valley, Menifee, Indio, Hemet, Perris, Lake Elsinore, Eastvale, Cathedral City, Palm Desert, Beaumont, San Jacinto, and Palm Springs.
San Bernardino County retail building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
Analysis By WPA 2023
Data By CBRE Market Research 2023
The largest cities in San Bernardino County by population are: San Bernardino, Fontana, Ontario, Rancho Cucamonga, Victorville, Rialto, Hesperia, Chino, Chino Hills, Upland, Apple Valley, Highland, Colton, Yucaipa, Montclair, Adelanto, Twentynine Palms, Loma Linda, Bloomington, and Barstow.
San Bernardino County multi-family building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
Analysis By WPA 2023
Data By Marcus & Millichap 2023
The largest cities in San Bernardino County by population are: San Bernardino, Fontana, Ontario, Rancho Cucamonga, Victorville, Rialto, Hesperia, Chino, Chino Hills, Upland, Apple Valley, Highland, Colton, Yucaipa, Montclair, Adelanto, Twentynine Palms, Loma Linda, Bloomington, and Barstow.
San Bernardino County forms the eastern border of Nevada, and is located along the eastern border of Los Angeles, Orange, and Kern Counties, the northern border of Riverside County, and the southern border of Inyo County. San Bernardino is the largest city by population in the County.
The office market in the Inland Empire experienced a vacancy rate of 9.04% with total availabilities of 13.7%. However, this masks the inferior market conditions in one of the larger inventory cities, the City of San Bernardino, which experienced a vacancy of 11.8% and total availabilities of 15.0%. Riverside by contrast reached a vacancy of 8.69% and availabilities of 11.31%.
Market performance varies considerably countywide. We note that vacancy and availability hit as high as 13.21% and 24.64% respectively in the City of Grand Terrace, though that is also the smallest office inventory in the County. Chino Hills reached 9.75% vacancy and 20.18% availability, and the City of Ontario with a significant office inventory over 3.6 million reached a vacancy of 9.01% and availability of 17.98%.
By asset class, both vacancy and availability are higher in the market for Class A assets than Class B and Class C product. For the Inland Empire as a whole, Class A vacancy was 11.37% with total availability of 17.71%, whereas Class B was 8.63% vacant and 13.03% available, and Class C was 5.54% and 7.58% available. Absorption for the market was marginally positive in the first quarter at 84,808 square feet on total inventory of 25,444,492 square feet. Though this is not considered strong, it reflects positive absorption whereas many office markets statewide are showing absorption in negative territory.
Overall, Inland Empire office space has experienced less negative market conditions than other more centrally located markets. However, rising interest rates, the effects of inflation, and uncertainty in the economy of the region all are concerns for the future outlook of commercial real estate to market participants, as of late 2022.
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