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Some Industrial Stats Are Returning to 2019 Levels

The first quarter of 2021 marks the one year anniversary of when COVID began impacting the local economy. There were many unknowns facing the region back then, both economically and from the real estate market perspective.

In Kidder Mathews’ latest industrial report, the firm take a trip down memory lane to review the year that was. From the economic side, there was an initial regional job loss totaling nearly 241,000 between March and April 2020.

Since the end of April through January 2021, the region gained back nearly 83,000 jobs. Employment sectors impacting the industrial market include manufacturing, construction, wholesale trade, and transportation and warehousing.

From the real estate side, there is nearly 10 million square feet currently under construction. The region’s total supply is at 350 million square feet. Nearly 3 million square feet has been absorbed during the past four quarters. Vacancy has risen from 4.6 percent (Q1 2020) to 5.4 percent (Q1 2021). Region-wide, rents are up nearly 5 percent during the past 12 months.

Sales volume in the first quarter 2021 totaled 63 transactions and $300 million in dollar volume. Dollar volume is on a similar pace as 2019, says the report.


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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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