Construction Prices Soar, Activity Levels Soften
The Tri-Valley industrial market remains resilient in the wake of the one-year mark since the beginning of the pandemic. Though marketwide vacancy levels increased 240 basis points to 7.6 percent year-to-year, asking rates continued to increase, up 7.5 percent to $0.86 per square foot, triple net from the previous quarter. With new construction completed in the first quarter, the industrial market had a net occupancy loss of 133,923 square feet. Quarterly deal volume registered 230,064 square feet, a 56 percent drop in a twelve-year period.
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