.

Retail, Industrial Vacancies Down

City may want to consider converting former office parks into industrial and manufacturing-friendly spaces, says Petaluma economic development director

 

Vacancy rates declined across the board in Petaluma over the past year, according to the city’s economic development director.

Office vacancies were down to 25 percent in the fourth quarter of 2012, compared to 30 percent in 2011, said Ingrid Alverde at the city’s goal setting session on Saturday.

The numbers are even better for industrial properties, with just 9 percent now vacant, Alverde said.

“In fact, there has been so much interest in industrial type properties that space is getting kind of tight,” she said. “Going forward, we may be looking at turning some office spaces into industrial/manufacturing because there’s a lot of interest in this area.”

The decline in vacancies was helped in part by the expansion of Raydiance, a developer of lasers for precision manufacturing, along with an expansion by Enphase, a solar company.

Retail vacancies are currently at 6 percent, the lowest they’ve been in years.

CORRECTION: An earlier version of this story gave an incorrect description of Raydiance. Raydiance makers lasers for precision manufacturing. Petaluma Patch regrets the error.

Patrick J. McDarrah February 07, 2013 at 12:14 AM
The headline says retail but the stats and story don't. You can't put lipstick on a pig. At some point, the City will need to stop allowing developers to build retail without some equal and balanced approach to bringing in a population to support the new store space. And what is the context of the other numbers? Are we creating anything or just moving tenants around Sonoma and Marin in a game of musical chairs?
Karina Ioffee February 07, 2013 at 12:34 AM
From the story. "Retail vacancies are currently at 6 percent, the lowest they’ve been in years." Vacancy rates are also improving in Rohnert Park/Cotati and Santa Rosa, although RP still continues to have a high rate of office vacancies. You can see the full comparison by going to Keegan & Coppin's report, the link to which is provided in the story.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »