|Direct Full Service Asking Rent (Price/SF)||$1.89|
|Net Absorption (SF)||-13,630|
The Sonoma County office market experienced negative absorption again in the first quarter of 2023, with net absorption of negative 13,630 square feet; however, vacancy only increased by 10 basis points to 16.6%. In Sonoma County, the office vacancy rate has increased by 300 basis points since the first quarter of 2022. With no Class A office space being constructed, the vacancy rate for Class A is not expected to increase drastically over the course of 2023. The availability rate was 18.6% at the end of the first quarter of 2023, an increase of just 10 basis points from the fourth quarter of 2022. Petaluma’s vacancy increased the most of Sonoma County, increasing by 50 basis points to 21.3%.