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2020 Q4 Stockton/Central Valley Industrial Market Research Report

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Demand Driven... More New Construction

MR_SCK_20Q4_IND_175x227The overall performance of the industrial market in Northern California’s San Joaquin County remained healthy and active throughout 2020 while the world faced a pandemic and the United States election of a new president. Vacancy for industrial space at year-end 2020 increased slightly by 50 basis points to 7.9 percent as the COVID-19 pandemic continued to have little effect on the market. Substantial absorption continued to fuel speculative development throughout 2020. Gross absorption for the San Joaquin County industrial market at year-end totaled 8.9 million square feet. Nine new occupier transactions each in excess of 250,000 square feet or more have occurred during 2020. Total net absorption for San Joaquin County during the fourth quarter equaled 1,681,447 square feet, increasing the year-end net absorption to 4.7 million square feet. A total of 2.5 million square feet of industrial development was completed during the fourth quarter, increasing the total completed industrial development for 2020 to 5.3 million square feet. An additional 4.3 million square feet remains under construction in the county. Thirteen institutional quality industrial buildings sold during 2020 totaling 3.8 million square feet. The average price per square foot for Class A industrial building sales through the end of the year was $100.36 per square foot. The overall weighted average asking rate for the county increased by quarter-end to $0.54 per square foot, triple net.

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2020 Q4 Stockton/Central Valley Industrial Market Research Report

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Kyle Mecker

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