Northern California’s Central Valley Industrial Update
The San Joaquin County industrial market vacancy rate at the close of the second quarter of 2022 decreased by 30 basis points to 5.7 percent. Four speculative industrial buildings broke ground during the quarter ranging in size from 921,033 square feet to 121,680 square feet in addition to the eleven buildings that were currently under construction, adjusting the total speculative development to 5.9 million square feet. Four deliveries occurred throughout the quarter totaling 1.4 million square feet. Net absorption in the second quarter equaled 1.8 million square feet, adjusting the year-to-date total net absorption to 3.5 million square feet. Weighted average asking lease rates in San Joaquin County continued to push upwards increasing by $0.01 per square foot to $0.67 per square foot, triple net.
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