Slight Market Improvement in Second Quarter
The North I-680 industrial market improved in the second quarter of 2014 with vacancy decreasing 20 basis points to 7.7 percent. There was a total of 48,912 square feet of net absorption for the quarter. Total asking rents decreased $0.02 per square foot (PSF) to $0.65 PSF. Concord led the market in net absorption with 120,907 square feet, followed by Martinez with 24,080 square feet. Pittsburg gave back the most space with 98,520 square feet of negative net absorption. Industrial and R&D/Flex posted positive absorption while warehouse was negative for the quarter. Industrial registered 182,138 square feet followed by R&D/Flex with 5,874 square feet, and warehouse with negative 139,100 square feet. The largest lease transaction of the quarter was MusclePharm’s 101,511 square foot warehouse/distribution renewal and expansion at Empire Business Park in Pittsburg. Leasing activity was even throughout the market. IEWC Corp leased 24,649 square feet at Concord North Commerce. Johnstone Supply renewed their 10,150 square foot space at 2231 Commerce Avenue in Concord. At 2185 Elkins Way in Brentwood, Ford Motor Company leased 9,231 square feet of warehouse space. In Delta Business Park, Urban Furniture and Designs leased 4,800 square feet of light industrial space.