Real Estate
Despite the constant onslaught of bad news, reports
Grubb & Ellis | Pearson Commercial, the Fresno industrial Market is holding its own. The 2008 third quarter vacancy rate is up 90 basis points from last quarter and 50 basis points higher that the same time last year. Even so, at 6.8 percent, the vacancy rate is well within the historical norm for the market. Asking rates remain stable with no perceivable change over the last 12 months. With little in the construction pipeline, vacancy rates should hold firm through the next year.
The office vacancy rate is hovering just under the 11 percent mark and asking rents are virtually unchanged or up slightly from the third quarter of last year. However, with four to five hundred thousand thousand square feet of construction nearing completion or sitting shell condition, and with few tenant lined up to fill the space, the vacancy rate could change substantially by year-end.
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Market Trends
Industrial Market Trends - Third Quarter 2008
Total SF: 54,549,403
Vacancy: 6.8%
Industrial submarket map (PDF)Office Market Trends - Third Quarter 2008 Total SF: 17,864,091
Vacancy: 10.9%
Office submarket map (PDF)Source:
Grubb & Ellis I Pearson Commercial
Contact Information
Downtown and Community Revitalization Department
2600 Fresno Street, Room 2156-02
Fresno, CA 93721
Phone: (559) 621-8350