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Fresno Market Reports

Fresno Office Market

Average Asking Rent (Price/SF)     $1.69
Vacancy Rate (%)    10.5%
Net Absorption (SF)  75,906

In spite of the ongoing adjustment to the national economy and the looming government shutdown, Fresno's office market showed no signs of a slowdown in the final quarter of 2018. The Clovis and Woodward submarkets were the most active, with vacancy rates decreasing by nearly 1.4% in both submarkets. The overall vacancy rate dropped 0.4% quarter-over-quarter and 1.2% year-over-year. Average asking rents softened $0.01/SF this quarter, the result of the slight increase in the amount of product coming on the market in the historically lower-rent sectors of Fresno. Year-to-date asking rental rates increased $0.03/SF.

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
4Q18
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