North I-680 Office Market
| Average Asking Rent (Price/SF) | $2.94 |
| Availability Rate (%) | 21.6% |
| Net Absorption (SF) | -220,463 |
Companies have been slowly returning to the office since the end of summer and the start of the school year. Occupancy levels in several studied buildings are three times higher than 12 months ago. As the pandemic hopefully is coming to an end, the dust is beginning to settle and decisions are being made for companies to right size and begin their reboarding processes.
The bad news: In the third quarter of 2022, the North I-680 Corridor experienced 220,463 square feet of negative net absorption.
The good news: Nearly all the negative net absorption can be attributed to PG&E vacating ±223,000 square feet in Concord, which was officially put on the market as available this quarter.