New 1.1 million-square-foot warehouse rumored to be Amazon’s third site sits empty in Visalia Industrial Park, but is ready for other tenants
The prime example is a sprawling 1.1 million-square-foot warehouse, which has been vacant since it was completed this summer. The big building was rumored to be Amazon’s third warehouse in Visalia but is actively searching for a tenant. Reports from Southern California, near CapRock’s headquarters in Newport, tell the same story – a big drop in new construction along with leasing in the industrial market.
The latest figures provided by the City of Visalia, however, show that both home construction and commercial construction have weakened in 2024. Through October Visalia has permitted 219 new homes so far this year compared to an average of more than 600 per year in 2019, 2020 and 2021. It slowed in 2023 to 335 as interest rates climbed…