On the Road to Recovery
Following the downturn of 2020, the Tri-Valley office market struggles to recover. With more than a year into the pandemic, companies are ready to get back into the office. Until the new normal working environment is established, the return of employees to the office will be a slow recovery process throughout 2021. Since the beginning of the pandemic, vacancy rates increased 3.7 percentage points to 14.6 percent from a year ago; resulting in an occupied loss of 204,000 SF of net absorption for the quarter. Currently, there is an additional 2.0M SF of direct and sublease occupied space on the market. If vacant, the overall vacancy rate in the Tri-Valley office sector would be 16.3 percent.
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