North I-680 Office Market
The availability rate saw a slight increase of 90 bps to 25.1% in the first quarter of 2024. Net absorption in the first quarter was negative, with the market experiencing negative 59,837 square feet of absorption. Leasing pace remained steady, as space reductions and a cloudy economic outlook negated the positive absorption from new deals completed. Tenants in the market activity is uneven. Tenants continued to prioritize buildouts with better building amenities/access to retail amenities, as well as favoring buildings with higher levels of activity.