Stabilization Continues – The North I-680 office market continued to stabilize throughout the third quarter of 2012. Total vacancy decreased 0.1 percentage points to 16.4 percent. In spite of this seemingly minimal change in total vacancy there was a fair amount of leasing activity. Market-wide Class A vacancies fell while Class B and C properties gave space back. Positive net absorption was concentrated in the core Class A submarkets in Walnut Creek and Concord. Leasing activity and demand was focused in those submarkets as tenants took advantage of historically low rents. This trend should continue until rising Class A occupancy rates create enough upward pressure on rents to widen the delta between Class A and B occupancy costs.
2012 Q3 | Walnut Creek Office | Market Report
