Q4-2019 North 680 Market Report

We recently finished our North 680 Market report for the fourth quarter of 2019. The first quarter of 2019 was a slow start but the market picked up as we moved to the fourth quarter. In our office, we track an index of Class A/B office properties. Our index looks at existing, Class A & B office properties, larger than 20,000 sf, not occupied by owner-users, and from Orinda to Martinez. In our subset, we are currently tracking 13.4 MSF. The end of the year finished off with a vacancy rate of 13.9% and an average rent of $3.12 per sq. ft.

The two largest office markets in our index are Walnut Creek and Concord. Both markets posted better vacancy numbers than the average with Walnut Creek at 11.5% vacant and Concord at 10.7% vacant. Average asking rents in Walnut Creek were $3.42/sf and in Concord, the average was $2.86/sf.

As we get further into 2020, I will post some updates on the market so you can see how the year is progressing. In the meantime, if you’d like to talk about your office lease or if you have any questions about the market, please don’t hesitate to send me an email at ccrabtree@lee-associates.com