San Joaquin Office Market
The San Joaquin County office market vacancy increased by 90 basis points in the second quarter of 2022 to 9.2 percent. Net absorption for San Joaquin County in the second quarter totaled negative 63,939 square feet with year-to-date totaling negative 17,986 square feet. Sales volume for the county totaled $41.8 million represented by 10 transactions with an average sale price of $130 per square foot. Grupe Holding Company purchased a 146,845 square foot class A office in a partial sale-leaseback located in Lodi. The overall average asking lease rate for the entire county decreased to $1.71 per square foot monthly, full service gross.
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