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Industrial Market Research/Reports

  1. Washington

    1. Seattle Industrial Market Report
      Fourth Quarter 2016

      The industrial market ended 2016 with just over 6.8 million s.f. absorbed (including 1.4 million s.f. in the fourth quarter), the most since 2004. With nearly 3.5 million s.f. of deliveries in 2016, the vacancy ended the year at 3.36% compared to 4.62% 12 months ago. Since 2011, the region's industrial market has absorbed about 26 million s.f., an average of 4.3 million s.f. per year. Construction activity remains robust with nearly 4 million s.f. underway with 44% pre-leased. Another 14.3 million s.f. is in the pipeline that may or may not start over the next several years.

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      Fourth Quarter 2016 Seattle Industrial Market Report
      Third Quarter 2016 Seattle Industrial Market Report
      Second Quarter 2016 Seattle Industrial Market Report
      First Quarter 2016 Seattle Industrial Market Report
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  2. Oregon

    1. Portland Industrial Market Report
      Fourth Quarter 2016

      The Portland industrial real estate (excluding flex) market finished the year on a high note, with 950,674 square feet of positive net absorption bringing the yearly gain to 3,321,341 square feet. Overall vacancies fell to 3.5% at the end of the year despite 2,343,955 square feet of new deliveries. Leasing activity summed to 8,466,907 square feet over the course of 2016, while 153 Portland-area industrial assets changed hands in investment or owner/user sales, amassing $439.6 million in dollar volume. Sixteen buildings were under construction at the end of the year and will add more 2 million square feet of industrial space to the inventory upon delivery.

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      Fourth Quarter 2016 Portland Industrial Market Report
      Third Quarter 2016 Portland Industrial Market Report
      Second Quarter 2016 Portland Industrial Market Report
      First Quarter 2016 Portland Industrial Market Report
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  3. California

    1. Inland Empire Industrial Market Report
      Fourth Quarter 2016

      The Inland Empire industrial market continued to improve in 2016, as pricing continued to increase. Vacancy remains at historically low levels, and the amount of available space has decreased by 21.59% in the past year. The lack of product available for lease and sale in some size ranges (particularly below 100,000 square feet) is driving prices upward and limiting transaction volume. Net occupancy remains positive, and with new inventory being added each quarter there is a possibility of upward pressure on vacancy but only in the short run.

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      Fourth Quarter 2016 Inland Empire Industrial Market Report
      Third Quarter 2016 Inland Empire Industrial Market Report
      Second Quarter 2016 Inland Empire Industrial Market Report
      First Quarter 2016 Inland Empire Industrial Market Report
    2. Los Angeles Industrial Market Report
      Fourth Quarter 2016

      The Los Angeles industrial market continued to improve in 2016, as pricing continued to trend upward. Vacancy remains at historically low levels, and the amount of available space has decreased by 4.9% in the past year. The lack of product available for lease and sale in some size ranges (particularly below 100,000 square feet) is driving prices upward and limiting transaction volume. We expect moderate increases in leasing and sales activity in the coming year, as job creation stays strong. Moving into 2017, we anticipate further absorption gains and rising occupancy costs, and with few deliveries in the pipeline to apply upward pressure on vacancy, we foresee 2017 being another year of growth.

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      Fourth Quarter 2016 Los Angeles Industrial Market Report
    3. Oakland/East Bay Industrial Market Report
      Fourth Quarter 2016

      A strong fourth quarter brought record-low vacancy rates to the East Bay industrial market, as demand continued to severely outstrip supply in the logistically superior region. This quarter's 736,330 square feet of positive net absorption brought the aggregate gain for the year to 2,375,152 square feet and shaved the vacancy rate to 3.2%. Many East Bay submarkets have experienced considerable declines in both vacancy and availability over the past 12 months, leading large-block users to ponder alternatives in Reno and Sacramento. Asking rents increased by 10.8% year over year, to a marketwide average of $0.64 for bulk distribution spaces, $0.68 for industrial product overall, and $1.43 for flex listings. While four developments were under construction at year's end, two of them were fully preleased, and vacancies are unlikely to budge from cycle lows until significantly more new product is built to accommodate the demand for distribution facilities in the I-880 Corridor.

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      Fourth Quarter 2016 Oakland/East Bay Industrial Market Report
      Third Quarter 2016 Oakland/East Bay Industrial Market Report
      Second Quarter 2016 Oakland/East Bay Industrial Market Report
      First Quarter 2016 Oakland/East Bay Industrial Market Report
    4. Orange County Industrial Market Report
      Fourth Quarter 2016

      The Orange County industrial market continued to improve in 2016, as pricing continued to trend upward. Vacancy remains at historically low levels, and the amount of vacant space has decreased by over 16.7% in the past year. The lack of product available for lease and sale in some size ranges (particularly below 100,000 s.f.) is driving prices upward and limiting transaction volume. Moderate increases are expected in leasing and sales activity in the coming year, as job creation stays strong. Moving into 2017, further absorption gains and rising occupancy costs are anticipated, and with very few deliveries in the pipeline to apply upward pressure on vacancy, 2017 is foreseen to be another year of growth.

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      Fourth Quarter 2016 Orange County Industrial Market Report
      Third Quarter 2016 Orange County Industrial Market Report
      Second Quarter 2016 Orange County Industrial Market Report
      First Quarter 2016 Orange County Industrial Market Report
    5. Peninsula/San Mateo County Industrial Market Report
      Fourth Quarter 2016

      The Peninsula industrial market's vacancy rate kept falling to unprecedented levels following 39,932 s.f. of positive net absorption during the fourth quarter. The steady quarter brought the year's absorption gains to 775,115 s.f., which dropped the county's vacancy rate by 150 basis points year-over-year to a record low of 2%. Despite limited availabilities and increasing rental rates, tenant demand remains strong, with a particular emphasis on the north county region for logistics and distribution purposes.

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      Fourth Quarter 2016 Peninsula/San Mateo County Industrial Market Report
      Third Quarter 2016 Peninsula/San Mateo County Industrial Market Report
      Second Quarter 2016 Peninsula/San Mateo County Industrial Market Report
      First Quarter 2016 Peninsula/San Mateo County Industrial Market Report
    6. Sacramento Industrial Market Report
      Fourth Quarter 2016

      The Sacramento industrial and flex real estate market continued to tighten in the fourth quarter of 2016, as 388,713 s.f. of positive net absorption gave the area its 18th straight quarterly gain. Direct-lease vacancies in industrial buildings slipped below 7% for the first time this cycle and declined to 6.5% when controlling for functionally obsolete product in outlying areas. Leasing activity was dominated by smaller users leasing less than 50,000 s.f., amounting to 189 transactions covering 1,374,415 s.f. market wide.

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      Fourth Quarter 2016 Sacramento Industrial Market Report
      Third Quarter 2016 Sacramento Industrial Market Report
      Second Quarter 2016 Sacramento Industrial Market Report
      First Quarter 2016 Sacramento Industrial Market Report
    7. San Diego Industrial Market Report
      Fourth Quarter 2016

      The San Diego County industrial real estate market ended the year with strong absorption and steady rental rates, increasing competition for space and setting the stage for next year. Countywide total vacancy fell this year by 50 basis points, to 5.3%, as a result of strong leasing activity. The market continues to tighten, with 506,000 square feet of positive net absorption in the fourth quarter. The San Diego County unemployment rate sits at 4.8%, a decrease of 30 basis points from a year ago, and we expect the strong local economy and increasing job growth to drive the real estate market in 2017.

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      Fourth Quarter 2016 San Diego Industrial Market Report
      Third Quarter 2016 San Diego Industrial Market Report
      Second Quarter 2016 San Diego Industrial Market Report
      Fourth Quarter 2015 San Diego Industrial Market Report
    8. San Francisco Industrial Market Report
      Fourth Quarter 2016

      The San Francisco industrial market relaxed slightly in the fourth quarter of 2016, as 57,931 square feet of negative net absorption increased the vacancy rate to 3.6%. Nonetheless, asking rental rates rose to an average of $17.92 per square foot, triple-net, amid limited availabilities and a growing trend of creative reuse of industrial spaces. A slowdown in land-value sales has stabilized the city's industrial stock for now, and most landlords marketing recently vacated spaces quickly secured replacement tenants, suggesting a return to positive absorption in the early quarters of the new year. Still, the region's largest traditional industrial leases are being consummated in San Mateo County and the East Bay, where available space and expansive facilities are in much greater supply. In early 2016, the San Francisco Planning Department began to engage in stricter enforcement of its Production, Distribution, and Repair (PDR) zoning, aiming to reinvigorate the manufacturing sector of the city's economy and prevent further conversion or demolition of the city's industrial buildings.

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      Fourth Quarter 2016 San Francisco Industrial Market Report
      Third Quarter 2016 San Francisco Industrial Market Report
      Second Quarter 2016 San Francisco Industrial Market Report
      First Quarter 2016 San Francisco Industrial Market Report
    9. Silicon Valley Industrial Market Report
      Fourth Quarter 2016

      The Silicon Valley industrial and warehouse market tightened in the fourth quarter, but looks to continue steady growth in the near future. The markets reported a combined 543,027 square feet of net absorption. The year closed out with a combined 1,132,657 square feet of net absorption. Average blended industrial and warehouse asking rental rates market-wide remained steady at $1.14 per square foot per month on a triple-net basis, which is up from $1.02 at the end of last year. Industrial vacancies also remained relatively unchanged at 4.91%; a modest increase from 2015 Q4's 4.86%.

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      Fourth Quarter 2016 Silicon Valley Industrial Market Report
      Third Quarter 2016 Silicon Valley Industrial Market Report
      Second Quarter 2016 Silicon Valley Industrial Market Report
      First Quarter 2016 Silicon Valley Industrial Market Report
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  4. Arizona

    1. Phoenix Industrial Market Report
      Fourth Quarter 2016

      The Phoenix industrial real estate market ended the year with over two million square feet of absorption, decreasing vacancy and steady rental rates. The market-wide total vacancy rate decreased to 10.0%, a result of the considerable leasing activity in the fourth quarter. The market will continue to tighten with growing demand and we expect increased competition for space and higher rates to continue into 2017. The Phoenix unemployment rate sits at 4.5%, a 60 basis point decrease from the 5.1% recorded this time last year.

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      Fourth Quarter 2016 Phoenix Industrial Market Report
      Third Quarter 2016 Phoenix Industrial Market Report
      Second Quarter 2016 Phoenix Industrial Market Report
      First Quarter 2016 Phoenix Industrial Market Report
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  5. Nevada

    1. Reno Industrial Market Report
      Fourth Quarter 2016

      2016 was a year like no other. The Reno industrial real estate market turned in an outstanding fourth quarter, as a rush of national investors paired with the "Tesla Effect" yielded an excellent end to a record-breaking year. Net absorption in the fourth quarter was positive 1,420,333 square feet, bringing the yearly gain to a record 6,322,759 square feet. At least four of this quarter's transactions, totaling nearly 1 million square feet, were driven by the growing Tesla Gigafactory, including the arrival of Tesla's battery partner, Panasonic. Asking rents stayed at a bulk-rate average of $0.35 per square foot, but varied from $0.30 for vast distribution spaces to $0.65 for smaller offerings in South Reno.

      Downloads
      Fourth Quarter 2016 Reno Industrial Market Report
      Third Quarter 2016 Reno Industrial Market Report
      Second Quarter 2016 Reno Industrial Market Report
      First Quarter 2016 Reno Industrial Market Report
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