Few transactions and almost no new construction in Fresno's industrial real estate market has kept vacancy rates stable so far this year, according to a mid-year survey from Fortune Associates.
The vacancy rate in the Fresno and Clovis area stood at 12.3% at the end of the second quarter compared to 12.2% at the end of 2011, the survey said.
Downtown Fresno, northwest Fresno and the Woodward Park areas saw slight increases in vacancies, while other areas remained about the same.
John Hans, a commercial broker with Fortune, a Fresno commercial real estate company, says the California High Speed Rail Project contributed to the small increase in downtown vacancy.
"There are properties staying vacant, that won't lease, because you tell a tenant high speed rail is coming and they say OK, what else do you have," Hans said.
But things are looking up. More inquiries are coming in from people wanting to find industrial space and a few small leases are being signed.
"We're optimistic things are going to pick up," Hans said.
Source: http://fresnobeehive.com/news/2012/09/fresno_industrial_real_estate.html
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