Vacancy Numbers Do Not Tell the Whole Story
The fourth quarter experienced a slight uptick in vacancy to 10.2 percent from 9.9 percent in the previous quarter. With multiple tenants vacating blocks of space above 20,000 square feet, the fourth quarter reported a net absorption of negative 86,304 square feet. This was largely due to tenant consolidations to one location within the Tri-Valley. Asking rates increased 4.5 percent from the previous year to $2.80 per square foot full service. 2019 gross absorption totaled 1,692,517 square feet, reflecting a market influenced predominately by internal movement with tenants attempting to achieve greater efficiencies.
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