Weathering the Storm
As we enter the final quarter of 2020, the pandemic continues to drastically impact the North I-680 office market. The weighted overall vacancy rate has increased to 17.4 percent, the highest since 2012. Surprisingly, overall “asking” rents have increased only slightly but the spread between asking rents and subsequent individual deal proposal rents continues to increase. As employers continue downsizing and maintain the work from home status for employees it’s unclear when market indicators will trend firmly back toward normal.
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