Industrial Report. Sacramento Valley Second Quarter City, State Year.
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- Everett Hunter
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1 Industrial Report City, State Year Sacramento Valley Offices in Burlingame, Los Altos, Monterey, Oakland, Palo Alto, Pleasanton, Sacramento, Salinas, San Francisco, San Jose, San Rafael, Santa Cruz, Santa Rosa, Walnut Creek Broker Lic #
2 Industrial Market Snapshot Sacramento Valley Market Tracker *Arrows = Current Qtr Trend 12.6% Net Absorption 1,136,045 SF Deliveries 131,211 SF Asking Rent $0.36 NNN See-Saw Coming to an End? SACRAMENTO VALLEY INDUSTRIAL Economic Indicators Sacramento Valley Employment Sacramento Valley Unemployment Net Absorption Square Feet (000s) 1, ,000-1,500-2,000-2,500-3,000 15% 1 13% 12% 11% YTD Year Average Q2 13 Q , , U.S. Unemployment 7.6% 8.2% U.S. CCI The second quarter of 2013 ended on a positive note for the Sacramento industrial market. The market posted an impressive 1.1 million square feet of occupancy growth during the second quarter of 2013 as local vacancy dropped from 13.3% to 12.6%. This is most positive net absorption that the industrial market has recorded since Q4 2007, when local occupancy grow by over 1.9 million square feet. In other words, the last three months saw the highest level of industrial occupancy growth since before the recession, and at levels that were more indicative of demand trends at the height of the last real estate cycle. Meanwhile, though Sacramento still has a way to go before vacancy levels return to where they were prior to the downturn (10.1% in Q3 2008), the current rate of 12.6% is the lowest we have seen in three years. While local recovery had essentially stalled during the past two years vacancy had wavered within the 13% range for the previous eight consecutive quarters (Q through Q1 2013), the increased demand and leasing activity that began in Q1 is finally starting to reflect as noticeable declines in the vacancy rate. It is too soon to call, but it appears that we may finally have seen an end to the seesaw vacancy trend that has been the norm for the last three years. Natomas/Northgate, McClellan, West Sacramento See Large Gains Quarterly activity across the region s industrial submarkets was largely positive of the 16 trade areas that comprise the Sacramento market, 12 recorded occupancy growth in Q2. The Natomas/Northgate submarket recorded just over 300,000 square feet of occupancy growth during the quarter and saw its vacancy rate fall from 16.6% to 14.. The majority of this growth came from Starwest Botanicals taking occupancy of 118,000 square feet on Main Avenue. The 1 vacancy rate recorded this quarter is one of the lowest rates the Natomas/Northgate market has posted since the beginning of vacancy in this trade area has dropped 3.6% in the last 12 months alone. The McClellan submarket also experienced a strong quarter, recording just over 300,000 square feet of growth. Most of this came from the California Department of Parks and Recreation taking occupancy of a 265,000 square foot space on Lang Avenue. This positive growth managed to drive the vacancy down from 21.9% to 19.7%. The McClellan submarket has typically had one of the highest vacancy rates in the region, peaking at 23.1% during the third quarter of The 19.7% rate recorded this quarter marks the first time in the last three years vacancy in this trade area has fallen under 2. The West Sacramento submarket also performed well, recording 258,000 square feet of occupancy growth and seeing vacancy decline from 9.9% to 9.. Two recently completed buildings saw new tenants take occupancy this quarter Mulvaney Place (131,000 square feet) was occupied by food distributor Saladino s, and 2970 Ramco Street (70,000 square feet) was taken by owner Nippon Shokken. Highlights: falls to 12.6% - one of the lowest rates recorded since Q Q2 was impressive in terms of occupancy growth 1.1 million square feet was absorbed during the quarter the most amount of growth seen in the region post-recession. The average asking rent remains at $0.36 PSF NNN. Rental rate growth is not anticipated any time soon. Demand and activity continue to be lively the return of the housing market has brought construction and home-related users back into the market.
3 Industrial Market Snapshot Sacramento Valley Roseville/Rocklin Sees Minimal Occupancy Loss; Woodland/Davis Poised for Decline SACRAMENTO VALLEY INDUSTRIAL Industrial Sales $ While a few submarkets experienced occupancy losses during the quarter, none of these losses were substantial enough to impact occupancy growth. The only submarket that experienced any noteworthy loss was the Roseville/Rocklin submarket, which lost 72,000 square feet during the quarter as its vacancy rate increased from 17.3% to 17.. While the Woodland/Davis submarket experienced only minor losses during the quarter, it has struggled to regain its footing after suffering a few large losses over the last twelve months. Until just slightly after the recession began, vacancy in this submarket was in the to 11% range. Losses suffered in 2012 pushed this rate up to 17%, placing Woodland/Davis behind McClellan and Roseville/Rocklin in terms of highest regional vacancy rates. The good news, however, is that this appears to be just a minor setback for one of the strongest industrial distribution markets in the region. A recent sale of two large industrial buildings in Woodland will have a significant beneficial impact on vacancy in this trade area, when these buildings are occupied by their new owners during the third quarter. $150 $100 $50 $ YTD-13 Sales Volume, $Mil # Bldgs Sold Average Asking Rate $0.46 $0.42 $0.38 $ Forging Ahead Though the industrial market is not without its challenges--average asking rates for the region remain flat with rental rate growth off the table for the time being indicators suggest that the market will continue to post moderate occupancy gains throughout the remainder of the year. Our brokers report that touring activity and active space requirements are still very lively. Much of this activity is coming from medium-sized local distribution and manufacturing users. Meanwhile, the return of the housing market has brought increased demand from construction and housing-related users. Though most of the deals being inked are coming from medium-sized users in the 10,000 to 30,000 square feet range, our brokers are reporting that there are a few manufacturing and distribution users seeking space in excess of 200,000 square feet in the marketplace. If any of these requirements actually land as deals it would have a significant impact on the regional vacancy rate. But we already know that vacancy is almost guaranteed to fall in Q3 (barring any unforeseen major space givebacks) simply because of the recent user-sale of two 400,000 square foot distribution warehouse buildings in Woodland. Though this transaction closed just a few days after the close of the second quarter, the ensuing occupancy during the third quarter will potentially push regional vacancy down even further, most likely into the 11% range. Availabilities by Size (SF) Key Lease Transactions PROPERTY SF TENANT TRANSACTION TYPE SUBMARKET nd Avenue 44,920 AC Square, Inc. New Lease South Sacramento 840 N 10 th Street 43,561 RL Liquidators New Lease Richards Luzon Street 43,560 Integrity Retail New Lease Power Inn 3200 Dwight Road 25,746 Robinson Anderson Print & Fulfillment Renewal Elk Grove/Laguna 3825 Cincinnati Avenue 24,000 Pewag, Inc. Renewal Roseville/Rocklin 0-10K 10-25K 25-50K 50K Front Street 19,956 Universal Limosine New Lease West Sacramento 3701 Seaport Boulevard 14,400 International Greenhouse Contractors New Lease West Sacramento 8848 Madison Avenue 8,000 V3 Fitness New Lease NE Sacramento
4 Cassidy Turley Industrial Market Snapshot Sacramento Valley TOTAL BLDGS INVENTORY SUBLET VACANT DIRECT VACANT VACANCY RATE CURRENT NET ABSORPTION YTD NET ABSORPTION UNDER CONSTRUC- TION AVERAGE ASKING RENT Submarket Auburn/Newcastle 79 2,038, , % (4,715) (3,955) 0 $0.58 Davis/Woodland ,406, ,727, % (7,699) (233,369) 0 $0.26 Downtown Sacramento 86 2,663, , % (1,600) (1,600) 0 $0.55 East Sacramento , , % 13,000 17,040 0 $0.62 Elk Grove/Laguna 102 4,976, , ,214 73,240 0 $0.37 Folsom/El Dorado Hills 95 2,223, , % 62,468 62,421 0 $0.71 Mather 121 3,664,076 18, , ,395 (40,388) 0 $0.39 McClellan ,711, ,978 2,555, % 300, ,026 0 Natomas/Northgate ,632, ,634, , ,345 0 $0.37 Northeast Sacramento 194 4,967, , ,139 (36,812) 0 Power Inn ,291,883 14,400 2,447, % 33,320 19,878 0 $0.32 Richards 90 4,225, , % 42,892 (239,866) 0 $0.37 Roseville/Rocklin ,361,290 42,897 2,691, (72,727) (15,522) 0 South Sacramento 124 4,016, , % 42,577 35,343 0 $0.39 Sunrise 329 9,266,129 8, , % 11,694 87,329 0 $0.39 West Sacramento ,510, ,400, , ,214 0 $0.37 TOTAL 3, ,426, ,315 16,806, % 1,136, ,324 0 $0.36 *Industrial asking rates converted to NNN Key Industrial Sale Transactions PROPERTY SF BUYER CITY SALE PRICE 8400 Belvedere Avenue 77,400 High Cube Investments Sacramento $3,415, Rovana Circle 72,000 Carmel River Stables Sacramento $3,000, Cincinnati Avenue 52,000 PG&E Rocklin $2,660, Fee Drive 33,386 Tuff Shed Sacramento $2,250, Beloit Drive 30,864 ServiceMaster Sacramento $1,700, Pell Drive 57,595 Sacramento Laundry Company Sacramento $1,500, Sunset Boulevard 22,500 Bianchi Estates Rocklin $1,047,323 Abby Friedman Research Analyst 520 Capitol Mall Fifth Floor Sacramento, CA Tel: Fax: Managing Editors: Garrick Brown Director of Research Garrick.Brown@cassidyturley.com Todd Campbell Research Operations Manager Todd.Campbell@cassidyturley.com About Cassidy Turley Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. Based in Washington, DC, the company represents a wide range of clients from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit for more information about Cassidy Turley. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. Copyright 2013 Cassidy Turley. All rights reserved.
5 Market Summary Submarket Building Building Vacant Space Rate Base Count Direct Sublease Total Q2-13 Q2-12 Auburn / New Castle 2,038, , , % 8.5% $0.58 Davis / Woodland 16,406, ,727, ,727, % 17. $0.26 Downtown Sacramento 2,663, , , % 5.3% $0.55 East Sacramento 510, , , % 5.9% $0.62 Elk Grove / Laguna 4,976, , , % $0.37 Folsom / El Dorado Hills 2,223, , , % 7.1% $0.71 Mather 3,664, ,040 18, , $0.39 McClellan 13,711, ,555, ,978 2,706, % 21.5% Natomas / Northgate 11,632, ,634, ,634, % $0.37 Northeast Sacramento 4,967, , , % Power Inn 24,291, ,447,400 14,400 2,461, % 11.2% $0.32 Richards 4,225, , , % 8.2% $0.37 Roseville / Rocklin 15,361, ,691,588 42,897 2,734, % South Sacramento 4,016, , , % 4. $0.39 Sunrise 9,226, ,421 8, , % 11. $0.39 West Sacramento 15,510, ,400, ,400, % $0.37 Total Market 135,426,736 3,048 16,806, ,315 17,040, % 13. $0.36 by Area Avg. Asking Rate (NNN) 25% 21.5% % % 17.7% 18.2% % 14.1% % 8.2% 8.5% 6.2% 5.3% 5.5% 5.9% % 7.1% % 11.2% 10.1% 6.5% 8.2% 3.1% % % 9. Auburn / New Castle Davis / Woodland Downtown Sacramento East Sacramento Elk Grove / Laguna Folsom / El Dorado Hills Mather McClellan Natomas / Northgate Northeast Sacramento Power Inn Richards Roseville / Rocklin South Sacramento Sunrise West Sacramento Q2-13 Q2-12 Market Rent Ranges & Average Asking Rate NNN $0.75 $0.71 $0.69 $0.58 $0.56 $0.55 $0.62 $0.55 $0.25 $0.26 $0.25 $0.41 $0.37 $0.38 $0.39 $0.36 $0.41 $0.37 $0.33 $0.36 $0.32 $0.33 $0.41 $0.39 $0.41 $0.37 $0.39 $0.39 $0.37 $0.29 $- Auburn / New Castle Davis / Woodland Downtown Sacramento East Sacramento Elk Grove / Laguna Folsom / El Dorado Hills Mather McClellan Natomas / Northgate Northeast Sacramento Power Inn Richards Roseville / Rocklin South Sacramento Sunrise West Sacramento Q2-13 Q2-12
6 Total Market Total Building Base: 135,025, ,225, ,225, ,295, ,426,736 Total Buildings: 3,045 3,046 3,046 3,047 3,048 Direct Vacant: 17,555,457 17,328,810 16,883,956 17,774,672 16,806,598 Sublease Vacant: 1,034,497 1,017,065 1,034, , ,315 Total Vacant: 18,589,954 18,345,875 17,918,026 18,045,747 17,040,913 Total Occupied SF 116,435, ,879, ,307, ,249, ,385,823 : % 13.3% 13.3% 12.6% Gross Absorption: 1,616,674 1,772,657 1,748,490 2,219,228 2,403,737 Net Absorption: -1,036, , ,849-57,721 1,136,045 YTD Net Absorption -364,831 79, ,097-57,721 1,078,324 Growth Rate (%) % 0.3% -0.1% 0.7% Total New Construction: 0 200, , ,211 Avg Asking Rate (NNN): $0.36 $0.37 $0.38 $0.36 $0.36 & Average Asking Rate Trend 15% 13.3% 13.5% 13.9% % % 13.3% 13.3% 12.6% 12% 9%
7 Auburn / Newcastle Total Building Base: 2,038,783 2,038,783 2,038,783 2,038,783 2,038,783 Total Buildings: Direct Vacant: 173, , , , ,753 Sublease Vacant: Total Vacant: 173, , , , ,753 Total Occupied SF 1,865,665 1,888,030 1,874,985 1,875,745 1,871,030 : 8.5% % Gross Absorption: 10,350 30,040 23,015 26,270 0 Net Absorption -14,063 22,365-13, ,715 YTD Net Absorption -4,158 18,207 5, ,955 Growth Rate (%) 0.2% % -0.2% 1.3% Avg Asking Rate (NNN): $0.54 $0.54 $0.57 $0.56 $0.58 & Average Asking Rate Trend $1.25 9% 8.3% 8.3% % % $1.00 7% 6% 5% % % 6. $0.75 3% 2% $0.25 1%
8 Davis / Woodland Total Building Base: 16,206,457 16,406,457 16,406,457 16,406,457 16,406,457 Total Buildings: Direct Vacant: 2,818,442 2,578,793 2,494,231 2,719,901 2,727,600 Sublease Vacant: Total Vacant: 2,818,442 2,578,793 2,494,231 2,719,901 2,727,600 Total Occupied SF 13,388,015 13,827,664 13,912,226 13,686,556 13,678,857 : % 15.2% 16.6% 16.6% Gross Absorption: 179, , ,376 60,736 62,589 Net Absorption -1,035, ,649 84, ,670-7,699 YTD Net Absorption -611, ,224-87, , ,369 Growth Rate (%) % -0.3% 2.7% 0. Total New Construction: 0 200, Avg Asking Rate (NNN): $0.25 $0.25 $0.25 $0.25 $0.26 & Average Asking Rate Trend 2 16% 15.7% % % % 15.2% 16.6% 16.6% % 12% 11.
9 Downtown Sacramento Total Building Base: 2,663,503 2,663,503 2,663,503 2,663,503 2,663,503 Total Buildings: Direct Vacant: 140, , , , ,833 Sublease Vacant: Total Vacant: 140, , , , ,833 Total Occupied SF 2,522,950 2,500,750 2,499,270 2,499,270 2,497,670 : 5.3% 6.1% 6.2% 6.2% 6.2% Gross Absorption: 16,290 5, ,000 0 Net Absorption 6,290-22,200-1, ,600 YTD Net Absorption 34,266 12,066 10, ,600 Growth Rate (%) % Avg Asking Rate (NNN): $0.45 $0.47 $0.63 $0.55 $0.55 & Average Asking Rate Trend $0.80 7% 6% 5.3% 6.6% 5.1% 6.2% 6.6% 5.5% 5.3% 6.1% 6.2% 6.2% 6.2% $0.60 5% 4.6% 3% 3.3% 2% 1%
10 East Sacramento Total Building Base: 510, , , , ,830 Total Buildings: Direct Vacant: 30,000 43,200 45,240 41,200 28,200 Sublease Vacant: Total Vacant: 30,000 43,200 45,240 41,200 28,200 Total Occupied SF 480, , , , ,630 : 5.9% 8.5% 8.9% 8.1% 5.5% Gross Absorption: 2, ,000 13,000 Net Absorption 2,070-13,200-2,040 4,040 13,000 YTD Net Absorption 6,070-7,130-9,170 4,040 17,040 Growth Rate (%) % -1. Avg Asking Rate (NNN): $0.55 $0.62 $0.62 $0.62 $0.62 & Average Asking Rate Trend $ % 7.1% 8.5% 8.9% 8.1% $0.60 6% % 3.3% 6.3% 5.9% 5.5% 2% 0.7% 0.7%
11 Elk Grove / Laguna Total Building Base: 4,976,297 4,976,297 4,976,297 4,976,297 4,976,297 Total Buildings: Direct Vacant: 702, , , , ,751 Sublease Vacant: 0 6,300 6,300 6,300 0 Total Vacant: 702, , , , ,751 Total Occupied SF 4,274,047 4,269,838 4,363,306 4,369,332 4,436,546 : 14.1% 14.2% 12.3% 12.2% 10. Gross Absorption: 58,591 20, ,320 46, ,499 Net Absorption -9,213-4,209 93,468 6,026 67,214 YTD Net Absorption -18,939-23,148 70,320 6,026 73,240 Growth Rate (%) -0.9% % 1.1% -1. Avg Asking Rate (NNN): $0.38 $0.38 $0.38 $0.37 $0.37 & Average Asking Rate Trend 2 $ % 12% 17.1% 17.5% 16.9% 14.3% 14.3% 13.6% 13.7% 13.9% 14.1% 14.2% 12.3% 12.2% 10. $0.60
12 Folsom / El Dorado Total Building Base: 2,223,302 2,223,302 2,223,302 2,223,302 2,223,302 Total Buildings: Direct Vacant: 158, , , , ,955 Sublease Vacant: Total Vacant: 158, , , , ,955 Total Occupied SF 2,065,174 2,001,825 2,011,926 2,011,879 2,074,347 : 7.1% % 9.5% 6.7% Gross Absorption: 6,875 11,843 42,290 56,496 87,808 Net Absorption -19,190-63,349 10, ,468 YTD Net Absorption -31,434-94,783-84, ,421 Growth Rate (%) -0.1% -0.2% % -1. Avg Asking Rate (NNN): $0.63 $0.66 $0.71 $0.71 $0.71 & Average Asking Rate Trend 12% $ % 9.5% $0.75 6% 5.3% 5.3% 7.2% 6.9% 5.2% 4.9% 5.7% 6.2% 7.1% 6.7% $0.25 2%
13 Mather Total Building Base: 3,664,076 3,664,076 3,664,076 3,664,076 3,664,076 Total Buildings: Direct Vacant: 514, , , , ,040 Sublease Vacant: ,000 18,000 18,000 Total Vacant: 514, , , , ,040 Total Occupied SF 3,149,399 3,168,858 3,103,424 3,027,641 3,063,036 : % 15.3% Gross Absorption: 16,855 78,999 13,326 37,832 73,859 Net Absorption -7,184 19,459-65,434-75,783 35,395 YTD Net Absorption -8,927 10,532-54,902-75,783-40,388 Growth Rate (%) % % -1. Avg Asking Rate (NNN): $0.36 $0.39 & Average Asking Rate Trend % 14.7% 14.9% 14.6% % 13.1% % % 15.3% % 6% 2%
14 McClellan Total Building Base: 13,711,248 13,711,248 13,711,248 13,711,248 13,711,248 Total Buildings: Direct Vacant: 2,083,302 2,309,616 2,240,183 2,861,246 2,555,412 Sublease Vacant: 871, , , , ,978 Total Vacant: 2,954,535 3,168,849 3,099,416 3,007,224 2,706,390 Total Occupied SF 10,756,713 10,542,399 10,611,832 10,704,024 11,004,858 : 21.5% 23.1% 22.6% 21.9% 19.7% Gross Absorption: 181, , , , ,527 Net Absorption 89, ,314 69,433 92, ,834 YTD Net Absorption 86, ,464-58,031 92, ,026 Growth Rate (%) 0.1% % % Avg Asking Rate (NNN): $0.41 $0.41 $0.41 & Average Asking Rate Trend 25% % 22.9% 22.2% 22.2% 21.5% 23.1% 22.6% 21.9% % 19.7% 15% 5%
15 Natomas / Northgate Total Building Base: 11,632,483 11,632,483 11,632,483 11,632,483 11,632,483 Total Buildings: Direct Vacant: 1,931,651 1,913,120 1,939,802 1,891,689 1,634,297 Sublease Vacant: 122, , ,840 43,500 0 Total Vacant: 2,054,491 2,035,960 2,042,642 1,935,189 1,634,297 Total Occupied SF 9,577,992 9,596,523 9,589,841 9,697,294 9,998,186 : 17.7% 17.5% 17.6% 16.6% 14. Gross Absorption: 169, ,849 84, , ,101 Net Absorption -128,335 18,531-6, , ,892 YTD Net Absorption -164, , , , ,345 Growth Rate (%) % -0.9% -1.5% Avg Asking Rate (NNN): $0.33 $0.35 $0.38 $0.37 $0.37 & Average Asking Rate Trend % % % 16.2% 16.6% 17.7% 17.5% 17.6% 16.6% 15% 14. 5%
16 Northeast Sacramento Total Building Base: 4,967,532 4,967,532 4,967,532 4,967,532 4,967,532 Total Buildings: Direct Vacant: 420, , , , ,517 Sublease Vacant: 11, Total Vacant: 432, , , , ,517 Total Occupied SF 4,535,403 4,595,769 4,587,827 4,496,876 4,551,015 : 8.7% 7.5% 7.6% 9.5% 8. Gross Absorption: 54,138 90,710 55,543 63,156 62,995 Net Absorption 29,970 60,366-7,942-90,951 54,139 YTD Net Absorption 30,409 90,775 82,833-90,951-36,812 Growth Rate (%) -0.2% -0.7% 0.7% -0.2% 0. Avg Asking Rate (NNN): $0.38 $0.38 $0.38 $0.39 & Average Asking Rate Trend 1 12% 6% 11.7% 12.5% 9.7% 9.9% 10.6% 10.9% 9.3% 9.3% 8.7% 7.5% 7.6% 9.5% 8. 2%
17 Power Inn Total Building Base: 24,291,883 24,291,883 24,291,883 24,291,883 24,291,883 Total Buildings: Direct Vacant: 2,731,189 2,522,626 2,481,678 2,480,720 2,447,400 Sublease Vacant: ,400 14,400 Total Vacant: 2,731,189 2,522,626 2,481,678 2,495,120 2,461,800 Total Occupied SF 21,560,694 21,769,257 21,810,205 21,796,763 21,830,083 : 11.2% % 10.3% 10.1% Gross Absorption: 447, , , , ,081 Net Absorption 154, ,563 40,948-13,442 33,320 YTD Net Absorption 465, , ,197-13,442 19,878 Growth Rate (%) 0.7% 0.6% 0.2% % Avg Asking Rate (NNN): $0.34 $0.33 $0.34 $0.32 $0.32 & Average Asking Rate Trend 15% 13% % 13.3% 12.5% 13.2% 13.2% 11.9% 11.2% % 10.3% 10.1% 5% 3%
18 Richards Total Building Base: 4,225,791 4,225,791 4,225,791 4,225,791 4,225,791 Total Buildings: Direct Vacant: 346, , , , ,336 Sublease Vacant: Total Vacant: 346, , , , ,336 Total Occupied SF 3,879,084 3,868,001 3,895,321 3,909,563 3,952,455 : 8.2% 8.5% % 6.5% Gross Absorption: 0 32,117 29,400 14,242 87,961 Net Absorption 0-11,083 27,320 14,242 42,892 YTD Net Absorption 1,515-9,568 17,752 14,242 57,134 Growth Rate (%) % % Avg Asking Rate (NNN): $0.35 $0.34 $0.37 & Average Asking Rate Trend 15% 10.3% 9.1% 8.7% % 9.5% 8.2% 8.2% 8.2% 8.5% % 6.5% 5%
19 Roseville/Rocklin (Also includes Loomis & Lincoln) Total Building Base: 15,361,290 15,361,290 15,361,290 15,361,290 15,361,290 Total Buildings: Direct Vacant: 2,774,564 2,794,140 2,676,066 2,618,861 2,691,588 Sublease Vacant: 27,024 22,392 42,897 42,897 42,897 Total Vacant: 2,801,588 2,816,532 2,718,963 2,661,758 2,734,485 Total Occupied SF 12,559,702 12,544,758 12,642,327 12,699,532 12,626,805 : 18.2% 18.3% 17.7% 17.3% 17. Gross Absorption: 218,328 57, , ,762 77,119 Net Absorption 72,661-14,944 97,569 57,205-72,727 YTD Net Absorption -35,747-50,691 46,878 57,205-15,522 Growth Rate (%) -1.3% % -0.5% 1.2% Avg Asking Rate (NNN): $0.39 $0.39 $0.39 & Average Asking Rate Trend 2 $ % % % 17.7% % 18.2% 18.3% 17.7% 17.3% 17. $ % 12% $0.15
20 South Sacramento Total Building Base: 4,016,576 4,016,576 4,016,576 4,016,576 4,016,576 Total Buildings: Direct Vacant: 175, , , , ,025 Sublease Vacant: Total Vacant: 175, , , , ,025 Total Occupied SF 3,841,453 3,846,253 3,857,208 3,849,974 3,892,551 : % % 3.1% Gross Absorption: 47,218 15,700 37,105 10,836 53,540 Net Absorption -15,782 4,800 10,955-7,234 42,577 YTD Net Absorption -13,732-8,932 2,023-7,234 35,343 Growth Rate (%) -0.9% % 0.7% -1.1% Avg Asking Rate (NNN): $0.38 $0.38 $0.39 $0.39 & Average Asking Rate Trend 7% 6% 5% 3% 3.5% 4.2% 4.7% % % 3.1% 2% 1%
21 Sunrise Total Building Base: 9,226,129 9,226,129 9,226,129 9,226,129 9,226,129 Total Buildings: Direct Vacant: 1,092,234 1,073, , , ,421 Sublease Vacant: 0 4,800 4, ,040 Total Vacant: 1,092,234 1,078, , , ,461 Total Occupied SF 8,133,895 8,147,540 8,228,339 8,303,974 8,315,668 : % % Gross Absorption: 117, ,838 22, ,233 85,450 Net Absorption 53,611 13,645 80,799 75,635 11,694 YTD Net Absorption 125, , ,746 75,635 87,329 Growth Rate (%) 1.5% % 1.2% Avg Asking Rate (NNN): $0.39 $0.39 $0.39 $0.39 $0.39 & Average Asking Rate Trend 16% $ % 14.1% 14.1% 14.5% % 12% % %
22 West Sacramento Total Building Base: 15,309,345 15,309,345 15,309,345 15,379,345 15,510,556 Total Buildings: Direct Vacant: 1,463,290 1,475,820 1,455,473 1,527,620 1,400,470 Sublease Vacant: 1,500 1, Total Vacant: 1,464,790 1,477,320 1,455,473 1,527,620 1,400,470 Total Occupied SF 13,844,555 13,832,025 13,853,872 13,851,725 14,110,086 : 9.6% 9.6% 9.5% 9.9% 9. Gross Absorption: 91, , ,021 87, ,208 Net Absorption -216,479-12,530 21,847-2, ,361 YTD Net Absorption -225, , ,555-2, ,214 Growth Rate (%) 0.9% -0.5% % -2. Total New Construction: , ,211 Avg Asking Rate (NNN): $0.41 $0.42 $0.44 $0.37 $0.37 & Average Asking Rate Trend $ % 8.1% % % 8.1% 8.2% 9.6% 9.6% 9.5% 9.9% 9. 6% 2%
23 Sacramento Valley Industrial Market Report Woodland Winters 80 Davis 99 Citrus Rio Linda 2 Heights Orangevale North 12 Folsom Highlands Fair Oaks 80 Arcade Carmichael Arden Rancho Cordova West Sacramento SACRAMENTO Parkway Florin 99 Laguna West Elk Grove 13 Roseville Lincoln Loomis New Castle Rocklin 50 Auburn El Dorado Hills LEGEND Davis/Woodland Natomas/Northgate West Sacramento 4 Downtown Placerville 5 East SacramentoCamino 6 South Sacramento Shingle 7 Power Inn Springs 8 Elk Grove/Laguna 9 Mather Sunrise 11 Folsom/El Dorado Hills Plymouth 12 McClellan 13 Roseville/Rocklin 14 Auburn/New Castle 88 Vacaville Definitions 5 Report Published By: Cassidy Turley Sacramento 520 Capitol Mall Suite 500 Sacramento, CA Tel Fax Manufacturing Product Buildings typically used for industrial purposes (Less than (3/1000 parking, clear height less than 18, three sides of concrete and one side of glass, usually 6% 15% office build out). Warehouse Product Buildings typically used for bulk warehouse purposes (2/1000 parking or less, clear height minimum of 18, limited glass, dock and/or grade doors, and minimal build-out). Total Building Base Total warehouse buildings over 10,000 square feet in size. Direct Availabilities Total square footage being marketed for lease by landlord available within 90 days. This may include availabilities with pending leases. Sublease Availabilities Total square footage being marketed for lease by sublessor. Total available square footage (direct & sublease) divided by Total Building Base. Net Absorption Change in occupied building square footage in a given time period. Weighted Average NNN Rate (by available square footage) of available spaces with Gross rates converted to NNN rates. Historical Continuity Cassidy Turley maintains a building by building historical record. Comparing previous reports to this report may show different building size numbers and statistics. Changes are caused by reclassification of buildings and revised building sizes. Historical comparisons should be made from this report only as Cassidy Turley adjusts the historical record accordingly. Source Data is tracked and tallied from information provided by The Costar Group. Disclaimer: The information contained herein while not guaranteed has been secured by sources we deem reliable. All information should be verified prior to lease or sale.
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