Office Market Leasing Continues to Slow
The vacancy for office space in San Joaquin County increased by 30 basis points during the third quarter to 7.6 percent. Activity in the market continued to show a decrease in transactions throughout the county, specifically the smaller stable submarkets. Negative net absorption for the county of 24,524 square feet was observed. Construction has continued at Doctors Hospital of Manteca, a Class A medical office facility on Cottage Court, and expected completion of the development is fourth quarter of 2020. The average asking lease rate in San Joaquin County at the close of the third quarter 2020 decreased to $1.67 per square foot, full service gross.
Would you like to have future reports delivered directly to your inbox? Sign-up to this and other regional e-mail delivery lists.