MR_PLS_17Q1_OFC_175x227Outlook Remains Positive

2017 Tri-Valley office market campaign is underway with first quarter being a continuum of 2016 with steady activity and rent growth despite negative net absorption across all classes of space. Total market weighted average asking rents are now at $2.67 per square foot (psf) full service gross (FSG), up from fourth quarter’s $2.51 psf FSG, and up $0.22 from one year ago. The total market vacancy rate is 10.4 percent with negative net absorption of 462,255 square feet, primarily due to SAP’s vacancy of 421,670 square feet at Park Place.