Northern California’s Central Valley Industrial Update
The San Joaquin County industrial market has continued to outperform with record activity and vacancy decreasing by 40 basis points to 6.1 percent mid-year 2021. The county is on track to outperform the already record level of gross absorption that had been observed in 2020 during the COVID-19 pandemic with 6.2 million square feet by the close of the second quarter 2021 year-to-date. The quarterly net absorption observed during the second quarter totaled 2.6 million square feet, increasing the year-to-date total to 4.5 million square feet.
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