|Direct Full Service Asking Rent (Price/SF)||$1.89|
|Net Absorption (SF)||-109,374|
In the Sonoma market, the office vacancy rate increased slightly by 80 basis points to 14.9% in the third quarter from 14.1% in the second quarter, a 70-basis-point year-over-year change. Net absorption decreased compared to last quarter and a year ago, at negative 108,000 square feet, as a few spaces greater than 10,000 square feet became available in the Santa Rosa Northeast and Petaluma submarkets. At the same time, availability decreased to 15.1% this quarter, bringing the Sonoma Office market to near pre-pandemic levels.