Market Begins to Stabilize in Q2 – The second quarter of 2012 pointed to a slowing and stabilizing of the North I-680 office market. Total vacancy and asking rents remain unchanged. There was modest positive net absorption focused primarily in the Pleasant Hill BART submarket. All things considered the North I-680 Class A office market has made noticeable improvement over the previous year. At this time in 2011 the vacancy rate in North I-680 for Class A space hovered just over 18 percent. The vacancy has leveled off to its current rate of 15.6 percent, a 2.4 percent drop in vacancy over the year. Total vacancy for all classes dropped slightly by 0.8 percentage points to 16.5 percent. The average asking rates for all classes of office space weighed-in at $1.88 per square foot. The core Class A submarkets shuffled tenants and closed the quarter with only 1,681 square feet of negative net absorption. Class B space registered 141,394 square feet of net absorption with John Muir’s lease at 1450 Treat Boulevard in Walnut Creek.
2012 Q2 | Walnut Creek Office | Market Report
