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Fresno Market Reports

Fresno Office Market

Average Asking Rent (Price/SF)     $1.70
Vacancy Rate (%)    10.9%
Net Absorption (SF)  25,891

Fresno's office market remained successful through the hot summer months. The Airport and East Shaw submarkets experienced the greatest decrease in vacancy this quarter. Both submarkets saw their vacancy rate decrease nearly 1.5%. Overall vacancy dropped to 10.9%, down 0.01% quarter-over-quarter and 0.09% year-over-year. Asking rental rates strengthened by $0.03/SF per month from the prior quarter. This increase was sparked by a combination of the costs related to construction of new buildings as well as tenant improvements and the drop in the vacancy rate over the last four quarters. Year-to-date absorption ended the third quarter at approximately 167,638 square feet.
In the third quarter of 2018, the Fresno market saw a net absorption of 25,891 square feet. Although historically less active, extensive lease transactions in the Airport, West Shaw, and East Shaw submarkets kept Fresno's vacancy rate declining. This movement is a positive sign and a result of relatively low lease rates and concessions available to tenants looking to expand.

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
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