2020 Q2 Pleasanton/Tri-Valley Office Market Research Report

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Uncertainty Abounds

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The Tri-Valley office market came to an immediate halt at the end of the first quarter of 2020 due to COVID-19 and the second quarter did not fare much better. Pushed up almost entirely by eight sublease offerings that came on the market in April, May and June, the overall vacancy rate increased from 10.9 to 11.3 percent at mid-year 2020, resulting in negative net absorption of 97,885 square feet for the quarter and year-to-date clocking in at negative 289,968 square feet. Overall average asking rents remain essentially flat inching up $0.01 to $2.86 per square foot full service.

Without a crystal ball, companies are re-imagining their space requirements. Gone is the highly compressed 150 square feet per worker metric, as social distancing requires greater space for interaction. Gone are the rows and rows of open workstations and cafeteria style bench seating. Health and safety are taking a front seat on our gradual return to the workplace.

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2020 Q2 Pleasanton/Tri-Valley Office Market Research Report

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Lisa Kohler

Senior Research Analyst

Pleasanton

Lisa is a member of the highly acclaimed Pleasanton Administrative team. 

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Michael Carrigg

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Mike has been with Colliers International since 2001.  His focus is on representing both corporate tenants and institutional landlords in the East Bay with their real estate needs locally and nationally.  He acts as a single point of contact, assisting his clients with acquisitions, dispositions, lease negotiations, financial analysis, market analysis, lease administration and portfolio strategy. 

Mike has negotiated over 1,000 separate lease and/or sale transactions totaling in excess of $250,000,000 total transaction value.  His vast experience in the market and the relationships he has developed give Mike first-hand knowledge to smoothly guide a client through the transaction process – from market analysis and economics to the eventual lease or sale negotiation.  

Mike is extremely committed to fostering relationships with his clients, as evidenced by the high level of service he provides before, during and well beyond any transaction. He is a man of high integrity and is a fun person to work with.  Mike graduated from the University of California at Berkeley and resides in Danville with his wife and two sons.

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