The third quarter 2017 Tri-Valley office campaign fogged a mirror but little else. The hopes of an electric fall after a vacation-laden summer did not materialize in rampant touring or consummated lease/sale transactions. Total market weighted average asking rents across all classes of space are now $2.73 full service gross, up $0.06 from the second quarter 2017 and up $0.26 from a year prior. The total market vacancy rate is 9.9 percent with positive net absorption of 105,388 square feet. Net absorption year-to-date is negative 336,233 square feet, although total market weighted average rents have gone up $0.06 over the same period.
Tri-Valley Class A weighted average asking rents are $3.00 full service gross – that average reaching the $3.00 mark for the first time since 2001. Vacancy in the sector is 11.1 percent with positive net absorption of 58,327 square feet.