Market Intelligence
Quarterly analysis of the Central Valley industrial market — absorption, vacancy, and new construction, with lease, land, and sale comps, cap rates, and price-per-SF. Timely intelligence for the owners, occupiers, and investors underwriting deals and timing the market across San Joaquin and Stanislaus counties.
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The Central Valley recorded 1.1 million SF of net absorption in Q1 2026, with vacancy stabilizing at 9.6% as leasing activity surged 53.3% year-over-year to approximately 3.0 million SF.
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The Central Valley industrial market recorded 9.7% vacancy in Q4 2025, down 30 basis points from the prior quarter, as 1.4 million square feet of net absorption was driven by Walmart's 900,000-square-foot distribution center delivery in Stockton.
The Central Valley industrial market recorded a vacancy rate of 10.2%, up 340 bps year-over-year, driven by 1.5 msf of new sublease space in Tracy as negative net absorption totaled 1.9 msf in the quarter.
Leasing activity surged over 60% year-over-year to 4.3 million square feet in Q2, driven by large build-to-suit deals including PepsiCo's 1.7-msf facility, while vacancy held at 8.8% and asking rents remained flat at $0.70 psf.
