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2020 Q4 Stockton/Central Valley Office Market Research Report

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Office Market Leasing Continued to Slow in 2020

MR_SCK_20Q4_OFC_175x227The vacancy for office space in San Joaquin County decreased by 10 basis points during the fourth quarter to 7.5 percent. Activity in the market, specifically lease transactions, continued to show a decrease throughout all San Joaquin County submarkets. Net absorption in the county for the fourth quarter of 2020 totaled 10,298 square feet. Construction continued at Doctors Hospital of Manteca, a Class A medical office facility on Cottage Court, and it is now expected that completion of the development will be during the first half of 2021. Additionally, Prologis has broken ground on a 35,000 square foot office building located in the International Park of Commerce in Tracy. The average asking lease rate in San Joaquin County at year-end 2020 is $1.76 per square foot, full service gross.

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Office Market Research Report

2020 Q4 Stockton/Central Valley Office Market Research Report

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