Over the past several years, the North I-680 Corridor’s office market has had unprecedented growth. Due in part to the explosive markets in San Francisco and Oakland, the North I-680 Corridor has reaped the benefits of proximity; experiencing record highs in asking rents and the lowest vacancy rates in more than ten years. With that in mind, the market appears to be leveling off as vacancy remained at 14.5 percent, the same as the previous quarter. While the vacancy rate has been slowly increasing, we may have seen the peak of rental rates..
Rents are still at relatively high levels for the region. Downtown Walnut Creek Class A rents are at $3.95 per square foot, a $0.07 decrease from the previous quarter. Concord Class A rents are $2.65 per square foot, from $2.72 the same period. On the other hand Pleasant Hill BART Class A rent increased to $3.91, an $0.11 increase from last quarter. Class B rents have increased to $2.36 per square foot, an increase from $2.30 over the same period. Overall average asking rents dipped to $2.76 per square foot, a $0.02 decrease from last quarter.
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