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2021 Q1 Stockton/Central Valley Office Market Research Report

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San Joaquin Office Market Sluggish Due to the Pandemic

MR_SCK_21Q1_OFC_175x227The San Joaquin County office market has continued to see decreased activity of local users over 5,000 square feet in office product. Certain submarkets are also experiencing an influx of East Bay tenants seeking space in the Central Valley to accommodate the workforces’ desire to eliminate a commute. The vacancy rate overall increased by 50 basis points to 8.0 percent. Sales volume for office product in the county during the first quarter of 2021 totaled $8.0 million, a small increase from fourth quarter 2020 that had a sales volume of $78. million. Year over year sales volume is down $3.5 million. Net absorption for San Joaquin County in the first quarter of 2021 was negative 36,422 square feet. Two office development projects remain underway totaling 75,000 square feet, with one located in Manteca and the other in Tracy. The overall average asking lease rate for the entire county increased by $0.02 to $1.78 per square foot monthly, full serviceg ross.

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2021 Q1 Stockton/Central Valley Office Market Research Report

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Kyle Mecker | Colliers | Stockton

Kyle Mecker

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Michael Goldstein | Colliers | Stockton

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