The first half of 2021 was marked, locally at least, by a continual quest for the supply side of nearly everything, from construction materials to the labor to put it all together.
As a nation, we also seemed to be in short supply of optimism. Our national politics has proven very divisive, particularly since the summer of 2020. Still, we struggle to return to some semblance of normalcy. People now wonder: Was the Black Swan event of 2020 COVID-19? Or the government's reaction to it?
Through it all, Bakersfield's economic performance continued. Major transportation projects march toward completion. Vacancy has been consistently less than 3% since year-end 2018, and the last time it was over 5% was year-end 2017. Flat-out, we need more product. And we see it coming.
Outlooks are still tricky owing to the effects of the pandemic. Now we are seeing supply chain interruptions and the arrival of more and more manufacturing requirements. Despite our pandemic-induced challenges, we are overcoming, and we expect a robust future in the greater Bakersfield industrial market.
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