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9/15/26
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Here’s a quick Q3 2026 snapshot of the Inland Empire retail market, based on Marcus & Millichap’s latest quarterly report on the sector.
“Retail demand in the Inland Empire has gained modest traction and limited new supply should support healthy retail occupancy,” notes Jonathan Giannola, Senior Managing Director, Market Leader with Marcus & Millichap.
Key findings include:
• Retailers absorbed 980k sf over the past three quarters, the third-highest total among major U.S. metros
• Local multi-tenant vacancy fell 80 basis points over the 12 months ended in June to 5.6%, the nation's second-largest decline
• As of mid-July, 330k sf of retail space was under construction, equal to 0.2% of existing inventory, with 590k sf being added by year-end
• Vacancy is forecast to reach 7.0% by year-end while average asking rent is expected to increase two percent year-over-year to $20.60 per square foot
• The metro added 6,900 education and health services jobs in the first half of 2026. As the only Southern California market still recording population growth, the Inland Empire should see rising demand for medical care and education.
“Investors continue to find value-add opportunities even with a higher cost of debt with private capital being the most active in the market,” added Giannola.
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