2022 Q1 Stockton/Central Valley Industrial Market Research Report

The San Joaquin County industrial market vacancy rate at the close of the first quarter of 2022 remained flat at 6.0 percent. A total of ten speculative industrial buildings broke ground during the quarter in addition to the six buildings that were currently under construction, increasing total speculative development to 6.7 million square feet. Two deliveries occurred with Prologis completing their first of its’ kind speculative 50 foot clear height distribution facility totaling 1.1 million square feet located at the International Park of Commerce in Tracy, California. The second completion located in Lathrop totals 610,000 square feet and is a build-to-suit for Kraft Foods developed by Prologis. Net absorption in the first quarter equaled 1.6 million square feet. Weighted average asking lease rates in San Joaquin County continued to push upwards increasing by $0.03 per square foot to $0.66 per square foot, triple net.

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