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San Jose, CA

Apartment
Fourth quarter 2016 vacancy in the San Jose apartment market was 3.8%, down 20 basis points for the period alone and down 30 for the year. Reis’s calculations for January 2017 put the rate at 3.9%. Asking and effective averages in the fourth quarter, however, remained dauntingly high at $2,468 and $2,377 per month (to which January added increases of 0.2%). VIEW APARTMENT LISTINGS >
Industrial
With 34.6 million square feet of existing inventory, the San Jose warehouse/distribution market is quite small by national market norms for this product category. Indeed, the local Flex/R&D sector, a reflection in part of Silicon Valley’s huge high-tech base, is nearly twice as large. Vacancy in the San Jose warehouse/distribution market has been declining. The rate for the fourth quarter of 2016 was 11.4%, down 30 basis points for the period and down 130 for the year. January 2017’s positive absorption subtracted 50 additional points. After increasing in 2015, warehouse/distribution sector rent growth rates increased again in 2016. At $7.32 psf and $6.71 psf, average asking and effective lease rates, quite high by national norms for this product type, were up 2.4% and 2.6% for the year. Gains in the fourth quarter alone were 0.7% and 0.9%, to which January followed with increases of 0.3% and 0.1%. The fourth quarter 2016 Flex/R&D vacancy rate at 14.0% was down 40 basis points for the period and was down 170 for the year. Average fourth quarter 2016 asking and effective lease rates, high at $14.83 psf and $13.35 psf, were up 2.1% and 2.5% year-over-year. Gains in the fourth quarter alone were 0.7% and 0.8%. Increases of 0.1% followed for both in January 2017. VIEW INDUSTRIAL LISTINGS >
Office
Reis reports San Jose general purpose, multi-tenant office market fourth quarter 2016 vacancy at 16.8%, up 20 basis points for the period and up 90 for the year. January’s balance of supply and demand left the rate essentially unchanged. Reis put fourth quarter asking and effective averages at $41.27 psf and $33.14 psf, up 5.1% and 5.3% for the year. Gains in the fourth quarter alone were 0.7% for both rates, to which January 2017 brought essentially no changes. VIEW OFFICE LISTINGS >
Retail
Fourth quarter 2016 vacancy in the San Jose community-neighborhood center market was low at 5.5%, down 10 basis points for the period but up 80 for the year. The 20,000 square feet of positive net absorption that followed in January 2017 alongside no additions to supply lowered the rate by 10 additional points. At $35.00 psf and $30.73 psf, very high by national norms, fourth quarter average asking and effective rents for community-neighborhood center space were up 3.8% and 4.0% for the year. Gains in the fourth quarter alone were 0.6% and 0.7%, to which January added a gain of 0.2% to each rate. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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