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Regional Summaries

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San Jose, CA

Apartment
The San Jose apartment market remains tight: the vacancy rate for the first quarter of 2019 was 4.3%, down 10 basis points for the period after a loss of 20 through 2018. At $2,690 and $2,564 per month, respective first quarter asking and effective averages represented gains of just 0.3% and 0.4% for the period following increases of 4.8% and 4.9% through last year. VIEW APARTMENT LISTINGS >
Industrial
Vacancy in the San Jose warehouse/distribution market closed the first quarter of 2019 at just 6.7%, same as a quarter earlier following a decline by 80 basis points through 2018. At $8.38 psf and $7.77 psf, exceedingly high by national norms, respective average first quarter asking and effective lease rates for local warehouse/distribution space were up just 0.2% and 0.1% for the period following increases of 1.6% and 2.1% all told last year. The first quarter 2019 Flex/R&D vacancy rate was 11.5%, down 40 basis points for the period after a loss of 60 through last year. First quarter asking and effective lease rates were $17.37 psf and $15.75 psf, respectively, also very high by national norms and up 0.4% and 0.3% for the period after last year's gains of 2.5% and 2.9%. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in the San Jose general purpose, multi-tenant office market ended the first quarter of 2019 at 17.7%, up 10 basis points for the period after a loss of 80 through 2018. At $45.37 psf and $36.40 psf, respective first quarter 2019 asking and effective averages were essentially unchanged since year-end (growth calculating at 0.0% for both rates) following the increases of 5.0% apiece recorded for 2018. VIEW OFFICE LISTINGS >
Retail
The San Jose retail market is very tight. First quarter 2019 vacancy in the community-neighborhood shopping center market was 5.5%, same as a quarter earlier following a 40-basis-points increase through 2018. At $37.88 psf and $33.34 psf, respective mean asking and effective rents for first quarter 2019 were up 0.9% each for the period following gains of 4.1% apiece through 2018. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

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