north bay Industrial Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from JLL
Quarterly industrial market indicators for north bay, aggregated by CREhunt from JLL. As of Q1 2026, average asking rent was $11.64/SF/yr and vacancy was 12.6%, per JLL.
Projected current industrial pricing — north bay
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for north bay industrial yet, so this applies the typical cap rate across comparable industrial markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 JLL asking-rent data (benchmark cap rate 5.5%–7.5%, asking rent held flat). Assumes ~87% occupancy and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 JLL | $11.64/SF/yr | 12.6% | 709K SF | — | JLL |
Industrial asking rents by submarket
The newest asking rent a named brokerage's report published for each north bay industrial submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Madera/Larkspur Central San Rafael | $1.95/SF/mo Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North San Rafael | $1.54/SF/mo Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Novato | $1.29/SF/mo Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Petaluma | $1.24/SF/mo Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Rohnert Park | $1.25/SF/mo Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Santa Rosa | $1.42/SF/mo Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Sausalito/Mill Valley | $2.96/SF/mo Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Sonoma/Sebastopol/Graton | $1.28/SF/mo Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
Frequently asked questions
- What is the average asking rent for industrial space in north bay?
- As of Q1 2026, the average asking rent for industrial space in north bay was $11.64/SF/yr, per JLL.
- What is the industrial vacancy rate in north bay?
- The industrial vacancy rate in north bay was 12.6% as of Q1 2026 (JLL).
- Where does CREhunt's north bay market data come from?
- This report aggregates quarterly industrial market data for north bay from JLL.