Local News

Monday, Jan 13 2014 02:00 PM

'First Look': Kern County's economy improving, numbers indicate

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    Californian reporter John Cox, left, and Executive Editor Bob Price discuss commercial real estate on "First Look with Scott Cox."

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By THE BAKERSFIELD CALIFORNIAN

Kern County's real estate market is improving. The numbers say it all.

The vacancy rate for industrial property, a category that includes warehouses and distribution centers, is improving, Californian reporter John Cox said Monday on "First Look with Scott Cox."

"Demand from oil and retail tenants in the Bakersfield, Shafter and Tejon Ranch areas has pushed down the local vacancy rate from 11.2 percent to 2.8 percent in just three years," Cox said.

And let's not forget about Bakersfield's retail market, as once empty spaces are now filling with shops.

Cox said a prime example is The Marketplace along Ming Avenue. Yes, it has lost recent tenants but the next tenants are already in line.

When companies are looking for locations where they can open a business, Cox said, they look at demographics and surrounding areas.

"The hottest retail is around the university and you have spaces that fill within a month," he said. "This is all good news for Kern County."

 

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