Tri-Valley Office Market
The Tri Valley market experienced a relatively flat net absorption of 33,564 square feet for the fourth quarter, largely due to positive absorption of the flex market. Asking rates remain flat for office product over the quarter, whereas they have increased slightly in the office-flex, R&D and industrial sectors. There has been a slight uptick in tenant demand over the last half of 2023, but it remains historically low. Tenants continue to be drawn to buildings with better amenities and shared spaces.