North I-680 Office Market
The vacancy rate saw a slight increase by 10 bps to 24.5% in the third quarter of 2023. Net absorption in the third quarter was minimal, with the market only experiencing -6,521 SF of absorption. Asking rates experienced a slight drop in the third quarter, dropping to $2.95 per foot. Leasing pace remains at 2021 levels due to space reductions and a cloudy economic outlook. Nearly all the tenants in the market are looking for less than 20,000 SF. Tenants continue to prioritize space with better amenities, as well as favoring buildings with higher levels of activity.
Download North I-680 Office Market Report 3Q23