Regional Summaries

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San Jose, CA

The first quarter 2017 vacancy rate in the San Jose apartment market was 4.2%, unchanged for the period following a decline by 30 basis points all told last year. Alongside the new supply that came online April-to-May, net absorption trailed slightly at 190 units. Vacancy closed the two-month period up 10 basis points. At $2,496 and $2,404 per month, respective averages for the first quarter of 2017 were up 0.8% and 0.9% for the period. Gains to $2,519 and $2,423 per month followed over the next two months. Note, too, the small gap between the two averages—a sign of limited landlord concessions. VIEW APARTMENT LISTINGS >
The 34.6-million-square-foot San Jose warehouse/distribution market first quarter 2017 vacancy rate was 10.1%, down 60 basis points for the period following a loss of fully 200 all told through 2016. Positive net absorption over the next two months shook 90 additional points from the rate. Rent growth measured by the year has been increasing gradually with more of the same expected. At $7.38 psf and $6.77 psf, quite high by national norms for this product type, average asking and effective lease rates were up 0.8% and 0.9% for the period following last year’s overall increases of 2.4% and 2.6%. April-May followed with increases of 0.7% and 0.5%. The San Jose first quarter 2017 Flex/R&D vacancy rate at 13.9% was down 10 basis points for the period following a decline by 170 through 2016. Average first quarter asking and effective lease rates, high at $14.94 psf and $13.45 psf, were up 0.7% each for the period after last year’s gains of 2.1% and 2.5%. Increases of nine cents followed for both over the next two months. VIEW INDUSTRIAL LISTINGS >
The vacancy rate declined during the first quarter of 2017 in the San Jose general purpose, multi-tenant office market, shedding 50 basis points to end the period at 16.3%; the longer-term recent movement has been upward. The rate increased by 90 basis points through 2016. At $41.64 psf and $33.47 psf, respective rates for the first quarter of 2017 were up 0.9% and 1.1% for the period. Each rate had added a nickel by the end of May (a small alteration in the inventory count accounts for the small, 10-basis-points increase in the vacancy rate over the April-May span). VIEW OFFICE LISTINGS >
First quarter 2017 vacancy in the San Jose community-neighborhood shopping center market was low at 5.4%, down 10 basis points for the period after an increase of 80 all told last year. The 9,000 square feet of positive net absorption that followed over the two-month span April-May alongside no additions to supply lowered the rate by 10 additional points. At $35.47 psf and $31.15 psf, very high by national norms, first quarter average asking and effective rents for community-neighborhood center space were up 1.3% and 1.4% for the period following increases of 3.8% and 4.0% through 2016. By the end of May, additional gains of 0.4% and 0.5% had been added. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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