Industrial – 2018’s Shining Star

Of the 3 product types tracked by this report (office / industrial / retail) the industrial sector was the big winner in 2018. The industrial vacancy rate remained below that of the office and retail segments at only approximately 2.3%, meaning the Grass Valley / Nevada City region ended the year with less than 50,000 square feet of available industrial space for lease. In comparison, retail vacancy stood at approximately 3.2% equating to roughly 87,000 of available retail space; while office vacancy came in at about 12.8% representing over 300,000 square feet available.

It should be noted, however, that about one-half of the vacant office space in Western Nevada County stems from only one project – the former Grass Valley Group Nevada City campus – which is now somewhat functionally obsolete due to its massive size and limited divisibility. If this particular property is excluded from the analysis, the office vacancy rate falls to only about 6% representing ±150,000 square feet of available office space. A positive sign for the office sector is that while office space remains by far our softest market segment, the office vacancy rate is falling at a faster rate than both retail and industrial.

Asking sale prices for all sectors creeped up over the year between 5-6%, and industrial asking rents increased during 2018 by roughly 17% – a direct result of the very low industrial vacancy rate. As we enter 2019, the big question on everyone’s mind will be, “How long will the economic expansion continue?”

 

AVAILABLE FOR SALE Q4 2018   
LocationSq. Ft.List PricePrice/SF
Industrial
11976 Charles Dr, Grass Valley2,550$355,000$139.22
310 Railroad Ave #300, Grass Valley2,736$399,000$145.83
174-178 Lower Grass Valley Rd, Nevada City8,320$1,249,000$150.12
Office
563 Brunswick Rd # 2, Grass Valley1,151$220,000$191.14
146 Scandling Ave, Grass Valley1,316$349,950$265.92
972 Golden Gate Ter, Grass Valley4,864$699,900$143.89
143 Spring Hill Dr Ste 1A, Grass Valley5,200$995,000$191.35
351-357 Providence Mine Rd, Nevada City10,554$1,583,000$149.99
104 New Mohawk Rd, Nevada City26,336$3,495,000$132.71
Medical/Dental
1061 E Main St # 103, Grass Valley1,224$146,800$119.93
1061 E Main St # 201, Grass Valley1,137$179,000$157.43
152 Catherine Ln., Suite E & F, Grass Valley1,393$225,000$161.52
105 Margaret Ln, Grass Valley2,460$399,000$162.20
225 Colfax Ave, Grass Valley2,545$569,000$223.58
300 Sierra College Dr #250, Grass Valley1,740$595,000$341.95
411 Coyote St, Nevada City1,842$615,000$333.88
150 Glasson Way, Grass Valley6,462$990,000$153.20
300 Sierra College Dr #165, Grass Valley4,787$1,450,000$302.90
590 Searls Ave, Nevada City5,575$2,000,000$358.74
Retail
206 W Main St, Grass Valley3,950$895,000$226.58
123 Mill St, Grass Valley1,485$923,000$621.55
345 Railroad Ave, Nevada City7,884$985,000$124.94
231 - 233 Colfax Ave, Grass Valley4,440$1,400,000$315.32
131-139 Joerschke Dr, Grass Valley19,580$1,800,000$91.93
210 Broad St, Nevada City21,675$2,275,000$104.96
1125-1165 Sutton Way, Grass Valley24,539$3,500,000$142.63
840 E Main St, Grass Valley28,706$5,450,000$189.86
AVAILABLE FOR LEASE Q4 2018   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
416 Crown Point Cir, Grass Valley 14,936$0.60$0.68
10141 Evening Star Dr, Grass Valley 2,750$0.90$0.90
201-204 Gold Flat Ct, Nevada City 3,000$0.90$0.90
13355 Grass Valley Ave, Grass Valley 2,680$0.71$0.71
12519 Loma Rica Dr, Grass Valley 1,348$0.93$0.93
Office
10015 Alta Sierra Dr, Grass Valley830$1.05$1.05
124 S Auburn St, Grass Valley 5,100$0.55$0.55
131 S Auburn St, Grass Valley 1,994$1.51$1.51
159 S Auburn St, Grass Valley 2,242$1.50$1.50
375 Brunswick Rd, Grass Valley 6,791$1.28$1.28
464-458 Brunswick Rd, Grass Valley 4,970$1.58$1.88
256 Buena Vista St A-F, Grass Valley 2,247$0.85$0.85
214 Church St, Nevada City648$1.21$1.21
124 Clydesdale Ct, Grass Valley 7,352$0.75$0.75
333 Crown Point Cir, Grass Valley 10,241$1.70$1.70
350 Crown Point Cir, Grass Valley 5,550$1.40$1.40
355 Crown Point Cir, Grass Valley 12,000$0.60$0.60
360 Crown Point Cir, Grass Valley 9,603$1.39$1.49
431 Crown Point Cir, Grass Valley 11,100$0.85$0.85
488 Crown Point Cir, Grass Valley 5,168$1.57$1.57
149 Crown Point Ct, Grass Valley728$1.50$1.50
200 Litton Dr, Grass Valley 3,000$1.40$1.40
12438 Loma Rica Drive, Grass Valley 9,312$0.69$0.69
900 E Main St, Grass Valley 7,700$1.63$2.09
944 - 1020 McCourtney Rd, Grass Valley 4,030$1.55$1.55
2322 Nevada City Hwy, Grass Valley 1,632$1.04$1.04
205 - 207 N Pine St, Nevada City 1,250$1.40$1.40
101 - 106 Providence Mine Rd, Nevada City 1,650$1.41$1.43
200 - 208 Providence Mine Rd, Nevada City 13,529$1.47$1.48
351 Providence Mine Rd, Nevada City 1,152$1.80$1.80
352 Providence Mine Rd, Nevada City 1,530$1.60$1.60
357 Providence Mine Rd, Nevada City 1,800$1.75$1.75
313 Railroad Ave, Nevada City 1,469$1.35$1.35
360 Sierra College Dr, Grass Valley 2,519$1.96$1.96
420 Sierra College Dr, Grass Valley 1,750$2.20$2.20
143 Spring Hill Dr Ste 1A, Grass Valley 5,082$1.23$1.23
165 Spring Hill Dr, Grass Valley 2,500$1.00$1.00
1012 Sutton Way, Grass Valley 3,200$1.87$1.87
1415 Whispering Pines Ln, Grass Valley 8,009$1.60$1.60
Medical/Dental
470 S Auburn St, Grass Valley 1,045$1.20$1.20
150 Glasson Way, Grass Valley 5,720$1.55$1.55
105 Margaret Ln, Grass Valley 1,100$1.30$1.30
123 Margaret Ln, Grass Valley 1,200$1.30$1.30
113 Presley Way, Grass Valley918$0.98$0.98
404 Sierra College Dr, Grass Valley 1,000$2.00$2.00
Retail
477 S Auburn St, Grass Valley900$1.55$1.55
102 Catherine Ln, Grass Valley 2,586$1.15$1.15
650 Freeman Ln, Grass Valley 18,396$2.20$2.20
128 - 132 E Main St, Grass Valley960$1.40$1.40
533-537 E Main St, Grass Valley 14,300$1.20$1.20
840 E Main St, Grass Valley 11,727$1.60$1.60
633 - 653 Maltman Dr, Grass Valley 8,175$1.01$1.01
111 W McKnight Way, Grass Valley 10,275$2.06$2.06
2032 - 2118 Nevada City Hwy, Grass Valley 12,469$1.76$1.76
984 Plaza Dr, Grass Valley 5,000$1.35$1.35
1035-1043 Sutton Way, Grass Valley 2,600$1.00$1.62

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