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Market Pulse

Short CRE notes for Central California

Brief market notes when something material moves — rates, retail corridors, industrial, office, or local Kern County signals. Concise updates, not daily filler.

  • Central Valley ·

    South Central Valley industrial posts another quarter of absorption

    CBRE's Q3 2026 South Central Valley industrial report shows 280,606 SF of positive net absorption, with Amazon's 1.1 million SF owner-user buy in Shafter leading capital markets. Asking rates eased $0.02 to $0.66/SF NNN.

    According to CBRE's South Central Valley Industrial Figures for Q3 2026 (published October 12), the market recorded 280,606 square feet of positive net absorption. That is down from 1.9 million square feet in the prior quarter, but it marks a second consecutive quarter of gains. Average asking rents slipped $0.02 to $0.66 per square foot monthly NNN.

    Amazon's 1.1 million square foot owner-user acquisition in Shafter led capital markets activity in the quarter, alongside two notable sales in Fresno. On the leasing side, renewals dominated; the largest was Sunrun's 300,560 square foot renewal in Visalia. CBRE counted 19 tenants in the market totaling 5.8 million square feet of activity.

    Separately, on October 8 TruCore Industrial announced it acquired an 80,814 square foot industrial building on 3.60 acres in Fresno, already leased to a third-party tenant. SLB Capital Advisors brokered the deal. For owners and buyers along Highway 99 and the Shafter–Visalia corridor, the takeaway is steady industrial demand even as broader CRE financing stays selective.

    Sources

  • Kern County ·

    Riverview Marketplace clears Bakersfield Planning Commission

    On October 1, Bakersfield's Planning Commission approved the environmental report and general plan amendment for Riverview Marketplace, a 405,531 SF center at Rosedale Highway and Coffee Road that includes a 20-pump gas station. The City Council is expected to take it up in November.

    On October 1, the Bakersfield Planning Commission approved the final environmental impact report and a general plan amendment for Riverview Marketplace, a proposed commercial center with 405,531 square feet of building space on 46.16 acres at the southwest corner of Rosedale Highway and Coffee Road. The vote recommends the same approvals to the City Council, which city officials expect to consider the report in November. After that, the developer, DJM Capital Partners, still needs final site plan review before it can pull building permits.

    Whole Foods is expected to anchor the center, and as of October 1, Whole Foods and McDonald's were the only confirmed tenants, according to KGET. The state CEQA filing describes outer pads for smaller retail tenants, a medical office, drive-thrus, restaurants, a car wash, and a gas station with 20 dual-sided pumps.

    It isn't the only large retail plan in northwest Bakersfield. City documents reported by BakersfieldNow on August 19 outline the 7th Standard Marketplace at the southwest corner of Seventh Standard Road and Calloway Drive, with a 184,480-square-foot anchor store that hasn't been named, a related fuel facility, and 40,800 square feet of retail, commercial, and restaurant space in eight buildings. Both plans include fuel, so owners and buyers of nearby gas stations and pad sites will want to follow the approvals.

    Sources

  • Rates ·

    Higher rates, firmer Bakersfield retail

    The Fed's target range is 3.75%–4.00% after a September hike, and the 10-year Treasury was 5.21% on Oct 13. Bakersfield retail vacancy fell to 5.20% in Q2 2026.

    On September 16, the Federal Open Market Committee voted 12–0 to raise the federal funds target range by a quarter point to 3.75%–4.00%, saying inflation remains elevated. The effective federal funds rate was 3.88% on October 13.

    The 10-year Treasury yield was 5.21% on October 13, according to the Federal Reserve's H.15 release. Long-term rates feed directly into financing costs for retail, pad, and land purchases, so expect lenders and buyers to keep underwriting conservatively.

    Locally, Lee & Associates' Q2 2026 Bakersfield retail report shows vacancy at 5.20%, down from 6.10% in Q3 2025, with trailing 12-month net absorption back in positive territory at 344,991 SF. Average NNN asking rent was $20.26/SF and the average cap rate 6.80%. The report credits new Target stores for part of the gain, with leasing concentrated among smaller-format users such as fitness, discount, and healthcare tenants.

    Sources

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