Vacancy Remains Near Historical Low
The overall industrial vacancy rate in the Oakland I-80 / I-880 Corridor declined from 2.9 to 2.6 percent the first quarter, remaining near the historical low. High levels of construction are outpaced by even higher levels of demand across the region as relentless demand led by e-commerce and third-party logistics firms has continued in 2022. Average asking rental rates continued their rapid ascent as the combined average asking rent for industrial and warehouse properties is $1.14 per square foot per month triple net (NNN); the average asking rent for R&D/Flex properties is $2.99 per square foot NNN.
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