Northern California’s Central Valley Industrial Update
The San Joaquin County industrial market vacancy rate at the close of the fourth quarter of 2022 increased by 70 basis points to 6.0 percent. Fourteen speculative buildings and one build-to-suit are currently under construction in the county totaling 7.0M square feet. No new industrial buildings broke ground during the fourth quarter. Two speculative buildings were completed totaling 846,908 square feet in Lathrop. Net absorption in the fourth quarter equaled negative 111,884 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 continue to push upwards, ending 2022 at $0.70 per square foot, triple net.
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