A Journey to Recovery
The overall vacancy in the Tri-Valley remains relatively flat throughout 2021. The addition of large direct available spaces in the fourth quarter increased the vacancy 130 basis points to 14.4 percent from the previous quarter. Marketwide, the Tri-Valley reported a net occupancy loss of more than 128,000 square feet, resulting in an overall net occupancy loss of more than 340,000 square feet year-to-date. On a positive note, sales activity picked up in the fourth quarter with three transactions totaling more than 84,000 square feet at an average of $254 per square foot. Asking rates decreased $0.01 year-over-year to $2.76 full service, a 1.1 percent increase from the previous quarter.
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