Northern California’s Central Valley Industrial Update
The San Joaquin County industrial market vacancy rate at the close of the third quarter of 2022 decreased by 40 basis points to 5.3 percent. Fifteen speculative buildings and one build-to-suit are currently under construction in the county totaling 7.3M square feet. No new speculative buildings broke ground during the third quarter. One speculative building was completed during the quarter totaling 705,600 square feet and occupied by Niagra Bottling. Net absorption in the third quarter equaled 2.3 million square feet, adjusting the year-to-date total net absorption to 5.7 million square feet. Weighted average asking lease rates in San Joaquin County continued to push upwards increasing by $0.03 per square foot to $0.70 per square foot, triple net.
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