North I-680 Office Market
The vacancy rate saw a slight decrease of 40 bps to 24.1% in the fourth quarter of 2023. Net absorption in the fourth quarter was positive, with the market experiencing 43,227 SF of absorption. Leasing pace remained steady, as space reductions and a cloudy economic outlook matched the positive absorption from new deals completed. Tenants in the market activity picked up in Q4, however majority of over half of the tenants in the market are looking for less than 10,000 SF. Tenants continued to prioritize space with better amenities, as well as favoring buildings with higher levels of activity.