Tri-Valley Office Market
The Tri Valley office and flex markets experienced positive absorption of 70,346 square feet in the first quarter of 2025. Newmark removed from its market report Bishop Ranch 8 and Bishop Ranch 11 due to conversion to residential housing and 12677 Alcosta Boulevard in Bishop Ranch 15 due to conversion to medical uses. There has been an increase in tenant demand as a percentage of inventory of 150 basis points compared to the fourth quarter of 2024. Tenants continue to be drawn to Class A space in buildings with energy, vibrancy, superior tenant amenities and ownership stability.