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2020 Q3 Pleasanton/Tri-Valley Office Market Research Report

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A Quiet Quarter Continues

MR_PLS_Q3_2020_OFCThe Tri-Valley office market continues to feel the negative effects of the COVID-19 pandemic with the shelter-in-place mandate slowly lifting in the third quarter; companies continue allowing their employees to work from home. Re-evaluating their footprint, tenants in the Tri-Valley have vacated properties adding over 200,000 square feet of sublease space to the market since the end of the first quarter. Moreover, an additional 550,000 square feet of shadow or occupied sublease space is currently on the market as available. With the abundance of potential vacancy coming onto the market, downward pressure on asking rates is likely. Market wide, the vacancy for the quarter reported 11.9 percent with asking rents dipping to $2.83 per square foot on a full service (FS) basis. Due to space coming on the market in the third quarter, net absorption reported negative 166,973 square feet bringing the year-to-date to negative 456,941 square feet.

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2020 Q3 Pleasanton/Tri-Valley Office Market Research Report

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