2018: A Ground Breaking Year
The Northern California Central Valley office market vacancy rate decreased slightly to 10.6 percent at the close of the fourth quarter. Available Class A office product decreased to 9.5 percent and the vacancy rate for Class B product increased to 11.8 percent. Average asking lease rates for Class B office space remained flat from the previous quarter. The vacancy rate for Class C office product increased to 9.4 percent. The only pertinent construction underway is approximately 40,000 square feet of medical office space. Net absorption for San Joaquin County during the fourth quarter totaled 6,880 square feet, closing the total absorption to 310,934 square feet.
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