Uncertain Times
In the past two years, the North I-680 Corridor has seen tremendous growth in the office market. Rents had surged to the highest levels since Colliers began tracking the market, while vacancy rates settled in at roughly the 15 percent mark. While the growth the past few years has been beneficial to the market, the emergence of COVID-19 has put us in a more volatile situation than ever before.
Class A rents overall are at $3.59 per square foot, a $0.07 increase over the last quarter. Class B rents decreased to $2.48 per square foot from $2.52 over the same period. Overall average asking rents increased to $3.08 per square foot, a $0.01 increase from the prior quarter. Although rents appear to be thriving, brokers continue to point out that several avails in the market are quoting higher than market rents, giving a false sense of increasing rents.
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