Surging Rents Carry the North I-680 Corridor
For the past several quarters, the North I-680 Corridor has experienced extraordinary growth. Rents hit all-time highs this quarter, and with the exception of the previous quarter, rents have been increasing for nearly five years. On the other hand, demand may be slowing down as vacancy increased to 15.4 percent and 40,769 square feet of sublease space came on the market this past quarter. Although the vacancy rate is slowly increasing, investment activity in the region is still quite the draw.
Rents continue performing extremely well in the North I-680 Corridor. Class A rents are at $3.40 per square foot, a $0.20 increase from the previous quarter. Class B rents have increased to $2.44 per square foot, an increase from $2.36 over the same period. Overall average asking rents increased to $2.90 per square foot, a $0.14 increase from last quarter.
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