Local vs National Trends – 2021 Q3 Review

How is our local commercial real estate market performing in comparison with the national market? Starting with the office market: Nationally, 26mm net square feet were leased in the 3rd quarter and the office vacancy rate fell +-1% to 16.1%. Locally, office vacancies increased slightly by 5 basis points to 10.71% – still a tighter market than nationally.

Regarding the U.S. retail market, absorption increased to the greatest extent since 2017, decreasing vacancy approximately 2% down to 5.3%, with average rents YOY increasing 2.5%. Locally, retail vacancy increased slightly by 5 basis points to 3.14%, still reflecting a stronger market than nationally.

With respect to the industrial market, high expectations nationally were met and surpassed. Rents grew approximately 3% and absorption YTD was the best since 2000, with the vacancy rate falling to 4.4%. Locally, as with office and retail, our industrial vacancy increased slightly by about 14 basis points to 1.63% – still a more supply-constrained market than nationally.

Regarding multifamily: On a national basis, a record 273k apartment units were filled in the third quarter and the national apartment vacancy rate fell to a record 2.8%, with rents bumping up 11% YOY.

In summary, the Western Nevada County market compares favorably to the national market in all sectors signaling steady rent and value growth barring economic recession. (National figures sourced by Marcus & Millichap.)

AVAILABLE FOR SALE - Q3 2021   
LocationSq. Ft.PricePrice/SF
Industrial
875 Idaho Maryland, Grass Valley4,320$599,000$138.66
Office
10015 Alta Sierra Dr, Grass Valley4,176$760,000$181.99
512 - 528 Brunswick Rd, Grass Valley6,164$1,550,000$251.46
563 Brunswick Rd # 9, Grass Valley1,015$119,000$117.24
565 Brunswick Rd # 9, Grass Valley1,387$190,000$209.30
230 Colfax Ave, Grass Valley4,084$749,000$183.40
360 Crown Point Cir, Grass Valley22,796$2,900,000$155.78
400 Crown Point Cir, Grass Valley19,754$1,725,000$87.32
125 Crown Point Ct, Grass Valley41,604$3,120,300$75.00
308 Main St, Nevada City2,529$750,000$296.56
1740 - 1744 E Main St, Grass Valley7,139$1,559,000$218.38
1781 E Main St, Grass Valley1,945$697,000$358.35
900 E Main St, Grass Valley23,137$3,690,000$159.90
734 Maltman Drive, Grass Valley2,000$349,000$174.50
104 New Mohawk Rd, Nevada City26,336$2,500,000$94.93
11408 Pleasant Valley Road, Penn Valley1,550$430,000$277.42
841 - 857 Sutton Way, Grass Valley8,788$3,979,724$452.86
Medical/Dental
565 Brunswick Rd # 1, Grass Valley1,075$225,000$209.30
1061 E Main St # 101, Grass Valley1,137$199,500$175.46
1061 E Main St. # 203, Grass Valley1,120$192,500$171.88
300 Sierra College Dr #165, Grass Valley4,787$1,800,000$329.64
700 Zion St, Nevada City12,000$2,500,000$208.33
Retail
15386 & 15448 Little Valley Rd, Grass Valley1,530$1,200,000$784.31
210 Broad St, Nevada City21,675$2,000,000$92.27
233 Broad St, Nevada City7,927$1,695,000$213.83
314 Broad St, Nevada City2,448$1,575,000$643.38
315 Broad St, Nevada City4,979$1,350,000$271.14
303 Broad St & 108 S Pine St, Nevada City1,901$950,000$499.74
250 Colfax Ave, Grass Valley1,531$469,000$306.34
106 E Main St, Grass Valley3,828$1,250,000$326.54
124 E Main St, Grass Valley6,000$650,000$108.33
840 E Main St, Grass Valley28,706$4,550,000$158.50
217 W Main St, Grass Valley1,188$399,000$335.86
633 - 653 Maltman Dr, Grass Valley8,595$1,099,000$127.87
123 Mill St, Grass Valley5,000$775,000$155.00
1125-1165 Sutton Way, Grass Valley24,539$5,155,000$210.07
997-1005 Sutton Way, Grass Valley25,208$5,100,000$218.18
102 - 108 Union St, Nevada City14,000$3,200,000$228.57

AVAILABLE FOR LEASE Q3 2021   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
416 Crown Point Cir, Grass Valley12,360$0.80$0.80
13046 Loma Rica Dr, Grass Valley2,400$0.60$0.60
155 Spring Hill Dr # 201, Grass Valley2,777$0.54$0.54
Office
10015 Alta Sierra Dr, Grass Valley830$1.31$1.33
131 S Auburn St, Grass Valley1,066$1.51$1.51
375 Brunswick Rd, Grass Valley5,798$1.28$1.28
464-458 Brunswick Rd, Grass Valley7,706$1.60$2.05
124 Clydesdale Ct, Grass Valley7,352$0.75$0.75
333 Crown Point Cir, Grass Valley5,444$1.55$1.55
350 Crown Point Cir, Grass Valley6,469$1.55$1.55
355 Crown Point Cir, Grass Valley4,800$0.60$0.60
360 Crown Point Cir, Grass Valley14,062$1.49$1.69
400 Crown Point Cir, Grass Valley19,754$1.10$1.10
431 Crown Point Cir, Grass Valley11,100$0.85$0.85
488 Crown Point Cir, Grass Valley5,168$1.60$1.80
149 Crown Point Ct, Grass Valley728$1.50$1.50
962 Golden Gate Ter, Grass Valley6,206$0.85$0.85
175 Joerschke Dr, Grass Valley1,940$0.77$0.77
200 Litton Dr, Grass Valley3,000$1.40$1.40
900 E Main St, Grass Valley5,900$1.84$1.90
970 E Main St, Grass Valley720$1.25$1.25
749 Maltman Dr, Grass Valley1,928$1.00$1.00
944 - 1020 McCourtney Rd, Grass Valley6,004$1.73$1.73
138 New Mohawk Rd, Nevada City5,700$2.25$2.25
101 - 106 Providence Mine Rd, Nevada City4,941$1.55$1.55
200 - 208 Providence Mine Rd, Nevada City19,659$1.55$1.55
310 Providence Mine Rd, Nevada City15,089$1.75$1.75
351 - 356 Providence Mine Rd, Nevada City4,386$1.78$1.78
400 Providence Mine Rd, Nevada City72,110$0.95$0.95
305 Railroad Ave, Nevada City1,362$1.60$1.60
420 Sierra College Dr, Grass Valley1,750$2.00$2.00
1012 Sutton Way, Grass Valley3,200$1.87$1.87
426 Sutton Way, Grass Valley2,324$1.45$1.45
908 Taylorville Rd, Grass Valley2,704$1.66$1.66
Medical/Dental
563 Brunswick Rd # 5, Grass Valley1,473$1.55$1.55
590 Searls Ave, Nevada City1,475$2.16$2.16
Retail
114 Argall Way, Nevada City1,160$1.21$1.21
133 Argall Way, Nevada City2,700$1.25$1.25
150 S Auburn St, Grass Valley1,100$1.09$1.09
246 Commercial St & 204 N Pine St, Nevada City1,250$1.98$1.98
650 Freeman Ln, Grass Valley20,856$1.95$2.20
131-139 Joerschke Dr, Grass Valley4,236$0.92$1.15
1239 - 1267 E Main St, Grass Valley2,855$1.12$1.12
128 - 132 E Main St, Grass Valley800$2.03$2.03
840 E Main St, Grass Valley11,727$1.60$1.60
107 W Main St, Grass Valley951$1.42$1.42
633 - 653 Maltman Dr, Grass Valley2,400$0.83$1.14
671 Maltman Dr, Grass Valley1,660$1.20$1.20
111 W McKnight Way, Grass Valley10,580$1.50$2.15
117 Neal St, Grass Valley2,875$1.79$1.79
2032 - 2118 Nevada City Hwy, Grass Valley2,925$1.56$1.56
984 Plaza Dr, Grass Valley6,359$1.25$1.25
1035-1043 Sutton Way, Grass Valley1,890$2.00$2.00
399-471 Sutton Way, Grass Valley5,194$1.35$1.60
860-870 Sutton Way, Grass Valley1,704$3.00$3.00

RECENT TRANSACTIONS - Q3 2021   
LocationSq. Ft.Sale/LeaseClose Date
117 New Mohawk Rd, Nevada City1,625Lease6/2/2021
305 Railroad Ave, Nevada City1,224Lease6/29/2021
311 Broad St, Nevada City1,320Sale7/21/2021
399-471 Sutton Way, Grass Valley3,252Lease8/1/2021
504 Whiting St, Grass Valley4,972Sale8/6/2021
421 Broad St, Nevada City1,850Sale8/10/2021
128 New Mohawk Rd, Nevada City2,612Sale9/1/2021
200 - 208 Providence Mine Rd, Nevada City1,216Lease9/1/2021

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