Vacancy Reaches New High to Finish 2020
As 2020 comes to a close, the pandemic continues to ravage the landscape of the North I-680 Corridor’s office market. The overall vacancy rate has reached 18.8 percent, the highest rate since Colliers began tracking the market in 2000. Overall weighted asking rents increased to $3.22 from $3.17 once again in part to the mass influx of higher priced Class A space coming to market. As companies continue downsizing and allowing employees to work from home, these trends are on course to continue for the next few quarters.
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