The Tri-Valley office market finds itself with 509,083 square feet of sublease space available in Class A, Class B and office/flex properties; 221,625 square feet of which is vacant, while the remainder is occupied with negotiable dates of availability. Couple this with an overall year-to-date negative net absorption of 523,103 rentable square feet, and the sky must surely be falling. Of course, the sky is not falling, but a year’s worth of lackluster activity and mounting quarters of poor statistics must soon indicate a market headed in the wrong direction and one subject to rent erosion. That said, the 509,083 square feet of sublease space represents less than 2.0 percent of the entire market inventory of the Tri-Valley (27,253,944 total market square footage); but to put the sublease footage in perspective, one year ago there was just approximately 100,000 square feet of sublease space on the market.
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