Doug Whitten

The Oakland Industrial market closed Q2 2025 with an overall vacancy rate of 6.8%, net absorption of negative 679,857 sq. ft., and an overall average asking rate of $1.34 per sq. ft. on a monthly, NNN basis.

Transportation and warehousing employment in Los Angeles County concluded Q2 2025 with a worker headcount of 205,700, up 1.6% year-over-year and up 11.9% over the past 5 years.

The Napa/Solano Industrial market closed Q2 2025 with an overall vacancy rate of 8.8%, net absorption of negative 340,762 sq. ft., and an overall average asking rate of $0.91 per sq. ft. on a monthly, NNN basis.

Transportation and warehousing employment in Los Angeles County concluded Q2 with a worker headcount of 205,700, up 1.6% year-over-year and up 11.9% over the past 5 years.

The Tri-Valley Industrial market closed Q2 2025 with an overall vacancy rate of 7.5%, net absorption of negative 117,168 sq. ft., and an overall average asking rate of $1.17 per sq. ft. on a monthly, NNN basis.

The North Contra Costa County Industrial market closed Q2 2025 with an overall vacancy rate of 4.8%, net absorption of negative 116,826 sq. ft., and an overall average asking rate of $1.53 per sq. ft. on a monthly, NNN basis.

The Silicon Valley industrial market closed Q2 2025 with an overall vacancy rate of 4.7%, net absorption of negative 358,618 sq. ft., and an overall average asking rate of $1.73 per sq. ft. on a monthly, direct, NNN basis.

The Silicon Valley R&D market closed Q2 2025 with an overall vacancy rate of 11.9%, net absorption of  negative 314,786 sq. ft., and an overall average asking rate of $2.95 per sq. ft. on a monthly, direct, NNN basis.

Vacancy falls again to 2.0% as the Omaha market posts fourteen quarters under 3%

The San Francisco Bay Area industrial market closed Q1 2025 with an overall vacancy rate of 6.0%, net absorption of negative 1,724,808 sq. ft., and an overall average asking rate of $1.40 per sq. ft. on a monthly, NNN basis.

The Silicon Valley R&D market closed Q1 2025 with an overall vacancy rate of 11.7%, net absorption of  671,547 sq. ft., and an overall average asking rate of $2.99 per sq. ft. on a monthly, direct, NNN basis.

The Silicon Valley industrial market closed Q1 2025 with an overall vacancy rate of 4.3%, net absorption of 2,236 sq. ft., and an overall average asking rate of $1.82 per sq. ft. on a monthly, direct, NNN basis.

KEY TAKEAWAYS
-The Columbia market has demonstrated strong demand and low vacancy rates, indicating a need for additional construction to meet tenant demand.

Availability rate rises 90 basis points quarter-over-quarter, amid slow down in new supply

UK logistics take-up increased 34% quarter-on-quarter in Q2 2025, bringing the year-to-date total to 11.7 m sq ft.

Tariff pressures continue to be felt in competitive industrial market

Tariff uncertainty alleviates market pressures as occupiers begin to adapt

UK commercial real estate saw a rise in capital values in H1 2025, with Retail and Industrial sectors recording the highest total returns.

Availability rate climbs to 13-year high as new construction slows

Winnipeg industrial sector remains resilient amid economic uncertainty

Gross take-up over the quarter has increased compared to 1Q25, totalling c. 305,000 sqm over 2Q25.

Gross take-up of c.75,000 sqm was recorded for 2Q25. A total of c.318,000 sqm recorded over the rolling 12 months - significantly above the 10-year average.

Gross take-up for 2Q25 totalled c.145,000 sqm, representing a decline from the previous quarter.

Gross take-up increased compared to last quarter, totalling c.167,000 sqm, with retail trade occupiers dominating lease activity.

Australia’s vacancy rate increased from 2.5% and now averages 2.8% (as at 1H25) - remaining one of the lowest globally.

Gross take-up of c.66,000 sqm was recorded during 2Q25. The rolling 12-month gross take-up totals c.195,000 sqm – above the 10-year annual average of c.150,000 sqm.

Market fundamentals remain strong with uptick in availability and rates

Trade-induced uncertainty lifts availability as weaker demand overshadows improving pre-leasing activity

CBRE professionals in Asia Pacific note that overall investment sentiment and risk appetite remains steady overall, despite concerns over trade policy and uncertain economic growth.

Net asking rent showing signs of stability

Investment in the office sector remained stable over the first quarter, despite a decrease in take-up. Across retail, prime restricted and secondary retail park yields compressed.

Local economy relatively insulated from market headwinds and trade war

Vacancy and availability fall; market volatility persists due to American tariffs

Strong quarter for office leasing; investment volume falls slightly q-o-q but remains healthy

In Q1 2025, UK logistics take-up totalled 5.0m sq ft, representing a 20% increase compared with Q1 2024.

Market expansion slows during a period of uncertainty

Increasing availability rates amid economic uncertainty

Gross take-up over the quarter has decreased compared to 4Q24, totalling c. 91,000 sqm over 1Q25.

Gross take-up over the quarter decreased compared to the previous quarter and totalled c.293,000 sqm. Total take-up levels across the Melbourne market remains healthy, with levels consistent with the long-term historical average.

Gross take-up fell by 10% compared to last quarter, totalling 98,000 sqm. Transport, Postal and Warehousing occupiers dominated lease activity in 1Q25.

Australia’s vacancy rate averages 2.5% (as at 2.H4) and remains one of the lowest globally.

Large Bay improves despite future uncertainty

Pockets of improving fundamentals overshadowed by tariff uncertainty for an overall quiet quarter

The latest CBRE Sustainability Index shows that inefficient assets continue to underperform.

Low availability continues to put upward pressure on rents

The Norwegian economy has experienced moderate growth since mid-2022, influenced by successive interest rate increases, spiking inflation, and subdued business demand, which have collectively hindered economic activity.