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Central Valley accounts for 71.1% of all Northern California construction

​The Central Valley construction pipeline continues to be a major talking point among all Northern California industrial markets. Buoyed by cheap construction costs, as well as confidence that their buildings will prelease or lease soon after completion (buildings are leasing on average only 1 quarter after completion), developers have had little hesitation in  getting underway on as much product as possible. As such, 9,233,970 s.f. is currently under construction across 21 buildings. Of those 21, 8 currently have tenants in place. This demand has lead to increasingly high rental rates and the thought that Central Valley would never hit $0.50 per square foot now looks to be well within reach, giving developers even more reasons to not slow down construction. 

Source: JLL Research

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