A Delicate Balance
While the North I-680 Corridor has performed very well in recent quarters, market activity has stabilized and cooled down. Asking rental rates continue upward, reaching new all-time highs. Although rental rates have been increasing the past several quarters, vacancy has followed suit, increasing to 15.4 percent, from 15.0 percent the previous quarter.
Rents are staying relatively high in the Downtown Walnut Creek, Shadelands, Pleasant Hill BART, and Concord submarkets. Class A rents overall are at $3.45 per square foot, a $0.05 increase over the last quarter. Class B rents have buoyed at $2.44 per square foot, the same as the previous period. Overall average asking rents increased to $2.96 per square foot, a $0.05 increase from the prior quarter. This is the third consecutive quarter of setting an all-time high for asking rates in the North I-680 Corridor.
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