Local industrial vacancy rates fell to 16.3% in the first quarter, or 0.2% less than a year prior, reports RCG Economics. Transportation and warehousing gained 1,300 jobs during the last 12 months during which no new industrial space was completed. Yet, a return to market normalcy is still far off. “The valley’s industrial real estate recession continues to move sideways, as the job market remains less than robust,” said RCG principal John Restrepo. “There was 100,400 square feet under construction in the first quarter, which is essential for the market’s return to a healthy supply-demand balance.”
