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San Joaquin County hotel property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| UNITED STATES DATA | Total | Change From 2019 |
|---|---|---|
| Occupancy | 62.70% | -4.90% |
| ADR | $149.00 | 13.6% |
| RevPAR | $93.27 | 8.10% |
Analysis By WPA 2023
Data By STR, TE, February 3, 2023 (Published), As of December 31, 2022
2022 Year End Indicators
* Uneven, non-linear recovery across industry segments.
* Overall construction pipeline activity is down. Some December 2022 growth in construction is seen.
San Joaquin County industrial building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking Rent (NNN) | |
|---|---|---|---|---|
| Ceres | 0.10% | 0.20% | 6,160,708 | N/A |
| Lathrop | 9.40% | 15.00% | 18,240,680 | $0.67 |
| Lodi | 0.00% | 0.00% | 5,423,163 | N/A |
| Manteca | 0.10% | 0.10% | 6,411,159 | $0.90 |
| Modesto | 0.00% | 0.00% | 14,434,114 | N/A |
| Oakdale | 0.00% | 0.00% | 890,391 | N/A |
| Patterson | 7.10% | 7.10% | 5,008,183 | $0.65 |
| Stockton | 3.80% | 6.00% | 38,139,768 | $0.68 |
| Tracy | 3.80% | 7.80% | 31,865,519 | $0.79 |
| Turlock | 0.00% | 0.00% | 2,875,028 | N/A |
| Total Industrial Market | 3.70% | 6.10% | 129,448,713 | $0.71 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Data included for the Stanislaus & San Joaquin County cities of: Ceres, Lathrop, Lodi, Manteca, Modesto, Oakdale, Patterson, Stockton, Tracy, and Turlock.
San Joaquin County multi-family building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Total | |
|---|---|
| Vacancy | 5.20% |
| Average Effective Market Rent | $1,926 |
| Y-O-Y Avg. Effective Rent Increase | 1.80% |
| Construction Units Completed (Past 12 Mos.) | 1,987 Units |
| % Increase in Inventory (Past 12 Mos.) | 1.26% |
Analysis By WPA 2023
Data By Marcus & Millichap 2023
The largest cities in San Joaquin County by population include Stockton, Tracy, Manteca, Lodi, Lathrop, and Ripon.
San Joaquin County is located east of the Bay Area in the Central Valley, situated south of Sacramento, east of Contra Costa and Alameda Counties, North of Stanislaus County, and west of Amador and Calaveras Counties. Stockton is the County’s largest city.
San Joaquin County and Central Valley office space trends are influenced by and reflected in Sacramento County office leasing activity. The office market in Sacramento in the fourth quarter of 2022 reached 19.7% availabilities (including both direct vacancy and sublease availabilities). Direct vacancy was lower at 14.8%, reflecting significant subleasing offerings. Absorption in the market overall was barely positive, but in the downtown was negative.
The Highway 50 Corridor posted the weakest showing in occupancy with 26.8% total availabilities and a direct vacancy of 20.2%. Unlike the overall market, this sub-market experienced negative absorption of 69,661 square feet. These trends are especially noteworthy since the Highway 50 Corridor is the largest sub-market, containing 11,139,738 square feet of inventory, or 26.5% of the total market area of 41,973,732 square feet.
The next largest sub-market is the South Natomas office market which contains only 3,298,340 square feet, and represented the next highest availability and vacancy percentages, at 23.4% and 19.0%, respectively. It is significant that the two largest sub-markets are experiencing the highest vacancy, as these markets often lead in trends for the greater market.
Work from home trends (WFH) continue to be a concern for the market, as are rising interest rates and an uncertain future path for the economy.
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