The industrial vacancy rate at the end of 2014 in Anchorage was 2.4%, and has increased to 2.1% by the end of the first quarter of 2015. Warehouse projects were at a rate of 2.0% at the end of the first quarter of 2015.
In the past few years, 2015 brought about the largest lease signings yet. Subleased space vacancy increased to 24,265 at the end of the first quarter of 2015. Flex projects (warehouse/office/retail) reported 1,600 vacant sublease space at the end of the first quarter of 2015. Also, at the end of the first quarter of 2015, warehouse projects reported 22,665 vacant sublease space.
Rental rates for available industrial space were quoted as $13.60 triple net per square foot per year at the end of the fourth quarter of 2015, which was a 4.7% decrease from the end of the third quarter of 2015. The Flex rates at the end of the third quarter were $17.88 per square foot, with Warehouse rates at $12.96.
No new industrial space was completed in the Anchorage market area during the fourth quarter of 2015 or any under construction. The industrial inventory amounted to 16,325,467 square feet in 838 buildings. The Flex sector had 2,673,919 square feet with 139 projects. The warehouse sector had 13,651,548 square feet and 699 buildings.