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Fresno Market Reports

Fresno Office Market

Average Asking Rent (Price/SF)     $1.63
Vacancy Rate (%)    11.8%
Net Absorption (SF)  75,398

Fresno's office market saw very little change between the second and third quarters of 2017. East Shaw remains the submarket with the highest vacancy rate, at 17.5% at the end of the third quarter. This is little changed from the second-quarter vacancy rate of 17.8%. The Woodward Park submarket located in North Fresno remained steadiest and most stable submarket in Fresno, with a vacancy of 8.5%. New tenants and owner/users have quickly absorbed the new construction at the recently built Boardwalk office complex, located in the Palm Bluffs submarket at Palm and Nees Avenues. Very little of the approximately 75,000 square feet that was constructed remains vacant. The rest of the Fresno submarkets saw little change in vacancy, with a slight decrease overall.

Fresno Industrial Market

Average Asking Rent (Price/SF)       $0.35
Vacancy Rate (%)         6.5%
Net Absorption (SF)     38,088

Midway through 2016, the industrial market is doing well. As with most California industrial markets, the regional marketplace, including Fresno and Visalia, is absorbing space and experiencing increasing values. Demand for existing space across most product types is steady and supply is decreasing. The results are expected: New development is occurring and asking prices are increasing. Concerns about ag-related businesses scaling back operations due to the drought have not materialized, which bodes well for the region, especially if there is a wet winter and spring. Overall, the sentiment in the market is that the local and regional economy is reasonably strong, and there are few concerns that negative changes are on the horizon.



Fresno Office Market Report
3Q17
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