San Joaquin County Experiences First Vacancy Decrease Since Start of Pandemic
The San Joaquin County office market vacancy decreased by 90 basis points in the second quarter of 2021 to 7.1 percent. The drop in vacancy represents the first decrease in available office space since the beginning of the COVID-19 pandemic. Net absorption for San Joaquin County in the second quarter of 2021 totaled 70,836 square feet, increasing the year-to-date total to 34,414 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 decreased to $1.67 per square foot monthly, full service gross.
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