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Fresno Market Reports

Fresno Office Market

Average Asking Rent (Price/SF)     $1.72
Vacancy Rate (%)    10.2%
Net Absorption (SF)  29,515

Fresno's office market remained strong in the second quarter of 2019. The most active submarkets were East Shaw, a historically slower submarket, and Northeast Fresno. Both submarkets saw their vacancy rates decrease significantly, as East Shaw registered a 0.9% decrease, while Northeast led all submarkets with a 1.3% decrease. Fresno's overall vacancy rate dropped to 10.2%, a decrease of 0.2% quarter over quarter and 0.8% year over year. Average monthly asking rents increased $0.01/SF per month over last quarter and $0.05/SF from this time last year. The increase in average monthly asking rents was mainly affected by two factors, demand for quality office space and construction costs. Net absorption for the second quarter of 2019 totaled 29,515 square feet.

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
2Q19
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