There is more industrial space up for grabs in Silicon Valley, thanks to the completion of more industrial projects.
The vacancy rate in the first quarter rose to 4.3 percent from 3.2 percent the quarter before, according to a new market report from commercial real estate firm CBRE. The availability rate also ticked up, to 5.2 percent from 4.8 percent.
The increase is largely because four major construction projects – with a total of 11.2 million square feet – finished in the first quarter, and all but one of the six buildings were vacant at the time of delivery, according to the report. Over the next year, another 1.6 million square feet of industrial space is slated to hit Silicon Valley.
Of Silicon Valley’s submarkets, Fremont/Newark recorded the highest first-quarter vacancy rate, 5.6 percent. The lowest was Sunnyvale’s, with 0.6 percent.
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