Opportunities Continue to Elude Users
While the fourth quarter 2017 theme was “Trading Spaces” due to record low vacancies and properties being leased or sold in hopes similar properties would emerge, the first quarter 2018 carries the same message. The overall vacancy rate for the industrial market increased from 0.9 percent to 1.5 percent by the end of the quarter, primarily due to Westcore Properties marketing 5675 Sunol Boulevard in Pleasanton. Including this new property, there were only 287,811 square feet available for lease or sale on a base of 19,637,124 square feet in the industrial market. Upward pricing pressure will continue for light industrial and warehouse product less than 100,000 square feet, because all new construction expected to commence during the second quarter is for big-box users.
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