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August 12, 2022
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ETC... ETC... NEWS
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Here’s an Update on the Sacramento Industrial Market for the First Quarter of the Year

4/11/22

This report provided by real estate services firm Kidder Mathews

Market Highlights

• Asking lease rates for all industrial properties were $0.72/SF NNN in 1Q 2022.
• Direct vacancy rates decreased to 3.5% in 1Q 2022.
• Direct net absorption for 1Q 2022 was 1.3 msf.

Market Drivers

• Direct vacancy rates decreased 40% year-over-year (YOY) from 5.9% in 1Q 2021 to 3.5% in 1Q 2022. The total availability rate had a similar drop of 20% YOY over the same timeframe to 5.7%.
• Asking lease rates for all industrial property types gained 14.3% YOY to $0.72/SF NNN for 2022. Asking lease rates for warehouses and flex properties were at $0.68/SF NNN and $0.73/SF NNN respectively.
• Direct net absorption was at 1.3 msf for 1Q 2022.
• Leasing activity dropped 63.5% YOY from 2.1 msf in 1Q 2021 to 780k SF in 1Q 2022.
• Sales volume decreased 21.5% YOY from 1.2 msf in 1Q 2021 to 973,242 SF in 1Q 2022.

Economic Overview

• The unemployment rate for the Sacramento – Roseville – Arden Arcade MSA dropped 39% YOY from 7.1% in February 2021 to 4.3% in February 2022. Unemployment in California stood at 5.4% during February 2022.
• Transportation, trade, and utility jobs in the Sacramento – Roseville – Arden Arcade MSA gained 5,800 jobs YOY to 168,100 jobs for February 2022.

Near-Term Outlook

• Engineering and logistic companies are growing and looking to expand; however, demand outstrips the limited industrial space and land availabilities.
• There are currently 4 msf of industrial properties under construction to help satisfy manufacturing and warehouse requirements.

Sources: CoStar, edd.ca.gov, sacbusinessreview.com, sacbee.com





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