Strong First Quarter Highlighted By Notable Sales Transactions
The Tri-Valley industrial market continued its strong momentum with several notable sale transactions to start the new year. Market-wide, the overall vacancy rate for the Tri-Valley increased slightly from 4.4 to 5.2 percent to end the first quarter of 2020. Overall weighted average asking rents for the Tri-Valley have remained essentially flat for the past four quarters, reporting $0.85 NNN a year ago and $0.84 NNN this quarter. While the quarter started on a strong note, the COVID-19 pandemic and corresponding shelter in place order put a damper on the last few weeks of March and has sent the commercial real estate market into uncharted waters.
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