A Static Quarter
Despite overall gross absorption of 349,549 square feet during the third quarter, net absorption settled at negative 133,397 square feet, caused by an uptick in vacancy from 9.4 percent to 9.9 percent and a lack of new migration into the Tri-Valley from outside markets. However, these vacancies do not reflect the occupied sublease space that is currently on the market. If we were to factor in all of the sublease occupied space currently marketed as available, (569,810 square feet), the overall space availability for the Tri-Valley would rest at 12.0 percent. Weighted average asking rates across all classes have remained relatively flat at $2.75 per square foot full service for the year.
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