E-commerce Industry Boom Continues
The e-commerce industry boom continues to drive the industrial market in the Oakland I-80 / I-880 Corridor. The overall industrial vacancy rate increased in the third quarter of 2020 from 3.4 percent to 3.6 percent. The vacancy rate for warehouses, the property type used most frequently by e-commerce related businesses, declined in the third quarter from 5.1 to 5.0 percent. Gross absorption in the third quarter was 1,323,164 square feet, up slightly from the prior quarter’s 1,313,576 square feet. Overall asking rents increased by $0.05 to $1.06 per square foot per month triple net (NNN) representing the fourth consecutive quarter of increases in asking rents.
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