Madera Co. industrial vacancies cut in half in Q3

Source: The Business Journal

Industrial vacancies plummeted in Madera County during the third quarter of the way as more manufacturers filled much of what little space was left available. According to a recent report by TK Consulting, the county's vacancy rate plummeted to 1.22 percent in the quarter compared to 2.33 percent in the previous quarter and 3.93 percent a year ago. That means of the slightly more than 7 million square feet of building space for industrial purposes in Madera County, there is still 85,564 square feet still available for manufacturers to fill. The inventory includes multi-tenant and single-tenant buildings with at least 5,000 square feet. The report also showed monthly rental rates for industrial purposes averaging 39 cents square foot during the latest quarter with a high of 46 cents and a low of 30 cents. Asking rents have trended upward, increasing three cents per square foot over the last 12 months. One notable transaction mentioned in the report was the lease of a 51,300 square-foot facility at owned by Pat Ricchiuti on Almond Avenue in Madera to an almond processing company. Another was a 27,500 square-foot building in Madera's Airport Industrial Park that the County of Madera plans to occupy for its new sheriff's department. The county purchased the building earlier this year for a reported $1.1 million and sold it to Spencer Enterprises to design and build out the space. The company will now lease the building back to the county. Vacancy rates are expected to increase a little in the fourth quarter since dried fruit processor Z Foods vacated its 18.81-acre processing facility at 9537 Road 29 1/2 in Madera in favor of a new location on the East Coast. That and other available properties for sale or lease can be found on the Madera County Economic Development Commission website at maderaindustry.org.

URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9510-madera-co-industrial-vacancies-cut-in-half-in-q3

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