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North I-680 Market Reports

North I-680 Office Market Report

We closed our third quarter report saying, in the "near term, we expect more of the same! While a number of significant leases are close to execution, most of these absorption gains will be offset by rumored future downsizing or ‘shadow space' totaling approximately 100,000 square feet." Well, it happened! The 100,000 square feet of anticipated vacancy was actually 119,000 square feet. As detailed below (and experienced over all of 2019), most of the market gains were negated by sublease opportunities coming on the market as a result of corporate downsizing. The reality of the North I-680 office market continues to be existing tenants reevaluating/repurposing their space needs (which generally results in downsizing) combined with a healthy dose of incoming migration from out-of-market tenants.

Direct FS Asking Rate (Price/SF)      $2.94
Total Availability Rate (%)       15.1
Net Absorption (SF)  -65,265

North I-680 Industrial Market Report

The Contra Costa industrial market finished the second quarter of 2019 with an overall availability rate of 3.96%, a significant drop from 5.80% in the previous quarter and the county's lowest availability rate in more than 10 years. Positive net absorption for the quarter totaled 305,398 square feet.
Most of the quarterly net absorption occurred when Bombardier leased 215,706 square feet for its new rail car assembly site at the Contra Costa Industrial Park, located at 1501 Loveridge Road in Pittsburg. Bombardier will produce BART's "Fleet of the Future" cars at this site. Also in Pittsburg, Purple Line USA leased 29,960 square feet of light industrial and yard space at 1830-1860 Loveridge Road. In Concord, Swinerton leased 23,783 square feet of light industrial space at 1915 Mark Court. Also in Concord, Freschi Air Service Experts leased 10,800 square feet with 5,500 square feet of fenced yard space at 2440 Sprig Court. In Martinez, EUV Technology expanded at Muirtec Center and leased 16,717 square feet at 2830 Howe Road.

 Direct Avg NNN Asking Rate (Price/SF)
  $0 .72
 Total Availability Rate (%)
       4.9
 Net Absorption (SF)
83,954


North I-680 Office Market Report
4Q19
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North I-680 Industrial Market Report
2Q19
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