Increased Activity Push Asking Rates Upward
The Tri-Valley industrial market continues to revel in the unbelievable success the industry has experienced during an otherwise challenging past two years. With the completion of nearly 1.4 million square feet of new construction since the beginning of 2020, vacancy stands at a remarkably low 4.0 percent; an increase of 360 basis points in twelve months. Despite overall demand for warehouse space, the Tri-Valley experienced a slight lull in leasing activity in the first half of 2021; however, as mandates were lifted and businesses started to return to normal operating hours, activity picked up, narrowing the vacancy gap.
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