www.riversideceos.org 

Dr. Helen Chen, Ambryx Biotechnology Inc.

Helen Chen, vice president of Business Development at Riverside's Ambryx Biotechnology Inc., was recently announced as an honoree at the Asian Heritage Awards to be held September 15 in San Diego.

The annual event recognizes achievements of San Diego's Asian Americans in several areas, including the fields of education, community service, technology and performing arts.

Dr. Chen currently serves as the current chairperson for the Riverside Technology CEO Forum, a group of hi-tech executives that provide an arena for technology CEOs to network, discuss relevant topics and issues, and develop programs and action items of importance to the growth and prosperity of the technology industry and community. (Read more...)

(as submitted by the Pierick-Mudge-Erickson Inland Empire Office Team, July 26, 2012)

As we pass the mid-year mark for 2012, the Riverside Office Market continues to experience moderate, positive absorption rates across the city and the office vacancy level slowly drops.  So far this year, Riverside has recorded 41,348 square feet of positive net absorption, which is only 3,500 square feet shy of the total absorption recorded in the market during 2011.  Riverside's current office vacancy level of approximately 22.6%, on a base of 9.1 million square feet, represents a minimal decrease in the vacancy level from 2010 (which was 22.8%) and 2009 (which was 23.2%).

The Downtown Riverside Submarket has one of the lowest vacancy levels in the entire Inland Empire region (11.2%).  The Downtown Riverside Submarket is also the only submarket in the Inland Empire with new office construction - the 6-story, 141,000-square-foot Citrus Tower was completed in March 2012, and recently occupied by Best Best & Krieger who took 36,000 square feet.

The Riverside Office Market is expected to continue to move gradually toward recovery in 2012 and 2013.  The market is already starting to see lease rates and sale prices firm-up.  "We seem to have found a bottom," remarks Rich Erickson, Senior Vice President at Lee & Associates Commercial Real Estate-Riverside.  On a positive note, Erickson comments that there are several large transactions floating around the Inland Empire.  "We expect a few [of those transactions] to land in our market," Erickson says, "we will start to show some strength and begin to significantly improve our vacancy."

For more information on the Pierik-Mudge-Erickson Inland Empire Office Team, visit their website at www.inlandempireoffice.com. 

Sincerely,

Scott C. Barber