Fremont’s Industrial Sector Continues to Show Strength

Fremont’s Industrial Sector Continues to Show Strength

April 10, 2023

Fremont Economy Monthly

Fremont has long been a regional industrial powerhouse, with manufacturing and technology tenants enticed by the City’s expansive supply of flexible industrial spaces. These facilities provide the open floor area, utilities, and clear heights needed to support complex operations for tenants across a growing array of advanced industries.

While statewide commercial real estate values have faced headwinds stemming from pandemic-influenced behavioral shifts and higher interest rates, industrial has continued to be a bright spot in the economy. Fremont is no exception: all told, a whopping 10 development sites totaling 22 buildings and over 2.5 million square feet of flex industrial space have been approved or are under review.

It is important to note that the timelines for approval, construction, and delivery of these projects will vary widely. However, having a robust development pipeline will ensure Fremont continues to provide modern facilities to support the needs of its advanced manufacturing and R&D companies. A healthy pipeline will also ensure that investment and development activity continue through the ebbs and flows of macroeconomic cycles, providing support and stability for Fremont’s economy and the City’s tax base.

Notably, the locations of proposed projects span from the industrial areas of South Fremont/Warm Springs to Bayside Technology Park all the way up to Ardenwood Technology Park, providing strong geographic coverage while spreading opportunities throughout Fremont. Some projects we are excited about include the 3-building industrial campus being pursued by Ares Management and Scannell Properties, dubbed Tech Center @ 880, and a six-building, ~475,000 square foot project by 9th Street and Clarion Partners in Fremont’s Bayside Technology Park. Both projects were approved last year and are expected to break ground in the coming months.

Fremont’s industry base buoyed our economy during the pandemic and helped shield the City from steep losses in revenue experienced in other communities, allowing the City to maintain a high level of service with fewer impacts. As we look ahead, we will continue to support Fremont’s strong industrial market and national leadership in advanced manufacturing.

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