Colliers Projects Growth in 2012 – The first quarter of 2012 was unchanged. Total vacancy receded while asking rents remained flat. Quarterly Class A vacancy settled to a three year low as vacancy gradually declined to 15.6 percent, a 0.7 percentage point decrease. Tenants continued to shuffle throughout the market looking for the best deals on office space. There were quite a few deals of note for the quarter but the majority of tenants relocated within the market. The core Class A submarkets in Downtown Walnut Creek, Pleasant Hill BART, and Concord saw very modest absorption with Concord registering the only significant figure at 51,250 square feet. Looking at the labor market for possible demand, statistics for the North I-680 Corridor compiled by the California Employment Development Department reported unemployment at 7.2 percent for the month of February, a 0.2 percentage point increase over December. Even with the slight uptick, unemployment has not been this low since early 2009.
2012 Q1 | Walnut Creek Office | Market Report
