2019 Q4 Walnut Creek Office Market Research Report

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Deal Velocity Accelerates

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For the past several years, the North I-680 Corridor has seen tremendous growth in the office market. Vacancy decreased slightly to 14.9 percent, from 15.0 percent last year. While the vacancy rate has flattened, rental rates continue to surge. Investors also took notice, as more sale transactions occurred this past quarter than usual.

Class A rents overall are at $3.52 per square foot, a $0.12 increase over the last year. Class B rents have increased to $2.52 per square foot from $2.44 over the same period. Overall average asking rents increased to $3.07 per square foot, a $0.03 increase from the prior quarter. This marks six consecutive quarters of increasing asking rates in the North I-680 Corridor. While rents as a whole have seen a new high watermark for the past several quarters, brokers caution that several availabilities in our market are quoting higher rents than the market dictates, giving a false sense of increasing rents.

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2019 Q4 Walnut Creek Office Market Research Report

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Related Experts

Cristian Villarreal

Research Analyst

Walnut Creek

Cristian Villarreal is Colliers International's Market Research Analyst for the Walnut Creek office. Cristian is responsible for maintaining, verifying and updating the commercial property database inventory, including available and comparable records, and creating and publishing  quarterly reports.

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Scott Ellis

Executive Managing Director

Walnut Creek

Scott originally started his career in commercial real estate at Grubb & Ellis, where he served for 20 years as Office Division Director.  Scott then joined Colliers Parrish International in Walnut Creek in 2000 where he spent 11 years as Senior Vice President and Office Division Director and recently returned as Executive Managing Director.

Over the past 30 years, Scott has been regarded as one of the top office brokers in the north I-680 corridor.  During his career, he has successfully leased over 5,000,000 square feet of office space and brokered over $920,000,000 in office building sales.  Scott has brokered three of the largest leases ever done in the I-680 market to such companies as PG&E, Contra Costa County and Wells Fargo.  During his career, Scott has consistently been awarded top overall office division producer, Office Broker of the Year and Circle of Excellence. 

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