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 | |||
|---|---|---|---|
| Location | Sq. Ft. | Price | Price/SF |
| Industrial | |||
| 11976 Charles Dr, Grass Valley | 2,550 | $355,000 | $139.22 |
| 174-178 Lower Grass Valley Rd, Nevada City | 8,320 | $1,249,000 | $150.12 |
| 310 Railroad Ave #300, Grass Valley | 2,736 | $399,000 | $145.83 |
| Office | |||
| 563 Brunswick Rd # 7, Grass Valley | 1,591 | $199,000 | $125.08 |
| 224 Church St, Nevada City | 5,590 | $697,000 | $124.69 |
| 154 Hughes Rd, Grass Valley | 6,650 | $850,000 | $127.82 |
| 154 Hughes Rd # 2, 5, 7 & 10, Grass Valley | 650 | From $130,000 | $200.00 |
| 154 Hughes Rd #6/8, Grass Valley | 1,442 | From $250,000 | $173.37 |
| 154 Hughes Rd #1, Grass Valley | 1,350 | $280,000 | $207.41 |
| 216 Main St, Nevada City | 2,598 | $549,000 | $211.32 |
| 944 - 1020 McCourtney Rd, Grass Valley | 48,336 | $6,600,000 | $129.58 |
| 104 New Mohawk Rd, Nevada City | 26,336 | $3,495,000 | $132.71 |
| 351-357 Providence Mine Rd, Nevada City | 10,554 | $1,583,000 | $149.99 |
| 146 Scandling Ave, Grass Valley | 1,316 | $349,950 | $265.92 |
| 143 Spring Hill Dr Ste 1A, Grass Valley | 5,200 | $995,000 | $191.35 |
| Medical/Dental | |||
| 225 Colfax Ave, Grass Valley | 2,545 | $569,000 | $223.58 |
| 411 Coyote St, Nevada City | 1,842 | $629,000 | $341.48 |
| 150 Glasson Way, Grass Valley | 6,462 | $990,000 | $153.20 |
| 1061 E Main St # 103, Grass Valley | 1,224 | $146,800 | $119.93 |
| 1061 E Main St # 201, Grass Valley | 1,137 | $179,000 | $157.43 |
| 105 Margaret Ln, Grass Valley | 2,460 | $399,000 | $162.20 |
| 590 Searls Ave, Nevada City | 5,575 | $2,000,000 | $358.74 |
| 300 Sierra College Dr #250, Grass Valley | 1,740 | $595,000 | $341.95 |
| 300 Sierra College Dr #165, Grass Valley | 4,787 | $1,450,000 | $302.90 |
| Retail | |||
| 210 Broad St, Nevada City | 21,675 | $2,275,000 | $104.96 |
| 216 Broad St, Nevada City | 2,550 | $366,000 | $143.53 |
| 231 - 233 Colfax Ave, Grass Valley | 4,440 | $1,450,000 | $326.58 |
| 232 Commercial St, Nevada City | 1,710 | $695,000 | $406.43 |
| 840 E Main St, Grass Valley | 28,706 | $5,450,000 | $189.86 |
| 206 W Main St, Grass Valley | 3,950 | $949,000 | $240.25 |
| 11229 McCourtney Rd, Grass Valley | 6,000 | $599,000 | $99.83 |
| 123 Mill St, Grass Valley | 1,485 | $923,000 | $621.55 |
| 16282 Mount Olive Rd, Grass Valley | 5,655 | $695,000 | $122.90 |
| 1125-1165 Sutton Way, Grass Valley | 24,539 | $3,500,000 | $142.63 |
| AVAILABLE FOR LEASE Q4 2018 | |||
|---|---|---|---|
| Location | Sq. Ft. | Min Base Price/SF | Max Base Price/SF |
| Industrial | |||
| 12048 - 12050 Charles Dr, Grass Valley | 2,000 | $0.99 | $0.99 |
| 13340-13346 Grass Valley Ave, Grass Valley | 3,514 | $0.70 | $0.70 |
| 13355 Grass Valley Ave, Grass Valley | 2,680 | $0.71 | $0.71 |
| 13366 Grass Valley Ave, Grass Valley | 7,850 | $0.66 | $0.66 |
| 12506 Loma Rica Dr, Grass Valley | 1,600 | $0.93 | $0.93 |
| 1020 Whispering Pines Ln, Grass Valley | 2,132 | $0.79 | $0.79 |
| Office | |||
| 10015 Alta Sierra Dr, Grass Valley | 830 | $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 |
| 375 Brunswick Rd, Grass Valley | 6,791 | $1.28 | $1.28 |
| 464-458 Brunswick Rd, Grass Valley | 4,970 | $1.58 | $1.88 |
| 563 Brunswick Rd # 7, Grass Valley | 1,591 | $1.26 | $1.26 |
| 256 Buena Vista St A-F, Grass Valley | 2,216 | $0.85 | $0.85 |
| 224 Church St, Nevada City | 5,590 | $0.89 | $0.89 |
| 124 Clydesdale Ct, Grass Valley | 10,866 | $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 | $1.62 | $1.62 |
| 13100 Grass Valley Ave, Grass Valley | 9,312 | $0.66 | $0.66 |
| 154 Hughes Rd #6/8, Grass Valley | 520 | $0.95 | $0.95 |
| 154 Hughes Rd #10, Grass Valley | 650 | $0.95 | $0.95 |
| 154 Hughes Rd #7, Grass Valley | 650 | $0.95 | $0.95 |
| 154 Hughes Rd #5, Grass Valley | 650 | $0.95 | $0.95 |
| 154 Hughes Rd #9, Grass Valley | 1,442 | $0.95 | $0.95 |
| 200 Litton Dr, Grass Valley | 3,000 | $1.40 | $1.40 |
| 900 E Main St, Grass Valley | 6,227 | $1.63 | $2.09 |
| 111 Margaret Lane, Grass Valley | 2,900 | $1.25 | $1.25 |
| 944 - 1020 McCourtney Rd, Grass Valley | 4,030 | $1.55 | $1.55 |
| 208 Gold Flat Ct, Nevada City | 3,000 | $0.80 | $0.80 |
| 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 |
| 353 Providence Mine Rd, Nevada City | 1,704 | $1.70 | $1.70 |
| 355 Providence Mine Rd, Nevada City | 1,302 | $1.75 | $1.75 |
| 357 Providence Mine Rd, Nevada City | 1,800 | $1.75 | $1.75 |
| 400 Providence Mine Rd, Nevada City | 6,265 | $0.95 | $0.95 |
| 400 Providence Mine Rd, Nevada City | 72,110 | $0.95 | $0.95 |
| 400 Providence Mine Rd, Nevada City | 71,985 | $0.95 | $0.95 |
| 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 |
| 563 Brunswick Rd # 10, Grass Valley | 1,463 | $1.20 | $1.20 |
| 150 Glasson Way, Grass Valley | 5,720 | $1.35 | $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 Valley | 918 | $0.98 | $0.98 |
| 590 Searls Ave, Nevada City | 1,492 | $1.87 | $1.87 |
| 404 Sierra College Dr, Grass Valley | 1,000 | $2.04 | $2.04 |
| Retail | |||
| 650 Freeman Ln, Grass Valley | 15,717 | $2.20 | $2.20 |
| 128 - 132 E Main St, Grass Valley | 960 | $1.40 | $1.40 |
| 462 - 470 E Main St, Grass Valley | 1,600 | $1.00 | $1.00 |
| 533-537 E Main St, Grass Valley | 14,300 | $1.20 | $1.20 |
| 840 E Main St, Grass Valley | 6,727 | $1.60 | $1.60 |
| 633 - 653 Maltman Dr, Grass Valley | 8,175 | $1.01 | $1.38 |
| 111 W McKnight Way, Grass Valley | 10,275 | $2.06 | $2.06 |
| 311 Neal St, Grass Valley | 500 | $1.20 | $1.20 |
| 2032 - 2118 Nevada City Hwy, Grass Valley | 9,769 | $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 |
| RECENT TRANSACTIONS Q4 2018 | |||
|---|---|---|---|
| Location | Sq. Ft. | Sale/Lease | Close Date |
| 960 McCourtney Rd, Grass Valley | 1,507 | Lease | 10/6/2018 |
| 305 Richardson St, Grass Valley | 1,352 | Sale | 10/10/2018 |
| 12521 Loma Rica Dr, #10, Grass Valley | 1,344 | Sale | 10/23/2018 |
| 580 Brunswick Rd, Grass Valley | 1,458 | Lease | 10/29/2018 |
| 256 Buena Vista St A-F, Grass Valley | 7,156 | Sale | 10/30/2018 |
| 800 S Auburn St, Grass Valley | 9,600 | Sale | 10/31/2018 |
| 1050 Whispering Pines Ln, Grass Valley | 1,638 | Lease | 10/31/2018 |
| 840 E Main St, Grass Valley | 1,358 | Lease | 11/1/2018 |
| 150 Crown Point Ct, Grass Valley | 20,000 | Lease | 11/3/2018 |
| 431 Uren St, Nevada City | 2,200 | Lease | 11/8/2018 |
