Office Market Leasing Slows as Lease Rates Stabilize
The vacancy rate for the San Joaquin County office market increased 40 basis points to 7.3 percent by mid-year 2020. Transaction activity for both sales and leasing slowed significantly throughout the county. Net absorption for the second quarter equaled negative 28,153 square feet. Doctors Hospital of Manteca, a Class A medical office facility on Cottage Court, is currently under construction with an expected completion date of early 2021. The average asking lease rate in San Joaquin County at the close of the second quarter 2020 increased to $1.71 per square foot, full service gross.
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