2020 Q2 Walnut Creek Office Market Research Report

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Uncharted Territory

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With the emergence of COVID-19, the North I-680 Corridor’s office market has predictably felt the effects. The vacancy rate has reached 16.3 percent, the highest rate in five years. Overall asking rents have increased to $3.10 from $3.08, due in part to the mass influx of Class A available space on the market. While the commercial office world comes to grips with companies downsizing and allowing employees to work from home, suburban and Class B properties may become the prime beneficiaries of this shift.

Class A rents overall are at $3.55 per square foot, a $0.04 decrease over the last quarter. Class B rents have decreased to $2.45 per square foot from $2.48 over the same period. Overall average asking rents increased to $3.10 per square foot, a $0.02 increase from the prior quarter. Although the rental rates increased overall, most of the vacant square footage belongs to Class A which impact the overall rate.

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2020 Q2 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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