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Regional Summaries

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San Jose, CA

Apartment
The San Jose apartment market remains tight—no surprise given the county’s extraordinarily high single-family home prices. Fourth quarter 2017 apartment vacancy was 4.7%, up 10 basis points for both the period and the year following a 40-basis-points rise in 2016. The small excess of supply over demand that followed in January 2018 added 10 basis points to the rate. Rent growth cooled dramatically in 2016 and picked up moderately in 2017. At $2,556 and $2,432 per month, fourth quarter asking and effective averages represented gains of 3.3% and 2.1% for the year following increases of 2.1% and 1.8% in 2016. Growth rates for the fourth quarter of 2017, however, were negative—at 0.3% and 0.6% (increases of 0.4% followed for both in January 2018). VIEW APARTMENT LISTINGS >
Industrial
Fourth quarter vacancy in the San Jose warehouse/distribution market was 7.6%, up 20 basis points for the period but down 100 for the year following a loss of fully 350 in 2016. The change in the rate followed in January 2018 amid a relatively flat performance. Rent growth rates in the warehouse/distribution market have been exceedingly high in the recent period. At $8.23 psf and $7.60 psf, also very high by national norms for this product type, average asking and effective lease rates for the fourth quarter were up 5.9% and 6.4% year-to-date following increases of 5.9% and 6.3% through 2016. Gains for the fourth quarter alone were 1.5% and 1.6% to which January added increases of 0.1% and 0.3%. Flex/R&D vacancy ended 2017 at 12.5%, down 100 basis points since the end of 2016 after that yearÂ’s 220-basis-points loss. The 41,000 square feet of Flex/R&D net absorption that followed in January 2018 alongside no new supply deliveries shaved 10 basis points from the vacancy rate. Fourth quarter asking and effective rates for Flex/R&D product were $16.87 psf and $15.26 psf, also very high by national norms and up fully 5.7% and 6.2% year-over-year after increases of 5.2% and 5.6% the year before. Gains of 0.1% and 0.2% followed in January 2018. VIEW INDUSTRIAL LISTINGS >
Office
The vacancy rate in the San Jose general purpose, multi-tenant office market ended the fourth quarter of 2017 at 18.5%, up 150 basis points for the period and up 130 year-to-date following a 110-basis-points rise through 2016. January 2018 saw a 10-basis-points increase in the vacancy rate to 18.6%. Rent growth slowed in 2016 and did so again in 2017, although rates of increase remained substantial—and prices are very high. At $43.23 psf and $34.69 psf, fourth quarter asking and effective averages were up 3.3% each for the year following gains of 5.4% and 5.6% in 2016. The fourth quarter growth rates were 1.2% and 1.1%. Increases of 0.9% followed in January 2018. VIEW OFFICE LISTINGS >
Retail
Occupancy in the San Jose community-neighborhood shopping center market remains very high. The vacancy rate closed the fourth quarter of 2017 at just 5.1%, down 20 basis points for the period and down 40 for the year following a 120-basis-points rise in 2016. No change had followed by the end of January 2018. Rent growth has slipped. At $36.08 psf and $31.74 psf asking and effective, rents in community-neighborhood center space for the latest quarter represented gains of 3.1% and 3.3% for the year following gains of 3.8% and 4.0% through 2016. Growth rates for the latest quarter alone, however, were negative at 0.3% and 0.2%. Increases of 0.2% followed for both rates in January 2018. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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