San Mateo-Peninsula industrial real estate market reports
Q3 2021: With job growth and leasing demand increasing, the SF Peninsula industrial market is showing signs of recovery.
As the region navigates the impacts of supply chain issues, demand for industrial space continues to rise. This increase in demand, as well as continued increases in sales volume, confidence in the region remains high.
Economic conditions
The SF Peninsula unemployment rate continues to decline from a high of 11.8 percent in April 2020 to 4.6 percent now.
Leasing activity
Overall leasing in 2021 is expected to more than double those of 2020, with an estimated 1.6m sf of space predicted to be leased in 2021.
Vacancy rate
While Vacancy is still increasing, it is showing signs of slowing since the peaks in 2019 and 2020.
Rental rate
Base rents have softened slightly in the third quarter, but overall have trended upward since 2015, increasing by 44.6% over the last six years.
Capital markets
During Q3 2021, over $800 million of deals were completed, making the total deal volume since the beginning of 2020 $4.3 billion.
Development activity
The Bay Area currently has 4.8M sf of industrial space proposed or under construction, which makes up 2.9% of the current total inventory in the regions.
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