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North I-680 Market Reports

North I-680 Office Market Report

After a relatively quiet six months, the North I-680 office market was extremely active. The number of completed leases greater than 10,000 square feet was the most in any one quarter since the second quarter of 2015. However, the downsize activity was equally robust, leading to a statistically flat quarter for the overall market.

The total availability rate (including sublease space) ended at 14.65%, nearly identical to one year ago (14.77%). This limited statistical change is reflected in all submarkets over the past 12 months. The North I-680 net absorption totaled negative 66,545 square feet for the first half of 2019, compared with a positive 99,223 square feet for the second half of 2018. Since no significant downsizes occurred in the Driver Markets (Walnut Creek Downtown, Walnut Creek BART, Pleasant Hill BART), these submarkets enjoyed 29,546 square feet of positive net absorption for the quarter.

Direct FS Asking Rate (Price/SF)      $2.94
Total Availability Rate (%)        14.7
Net Absorption (SF)  -16,400

North I-680 Industrial Market Report

The Contra Costa County industrial market ended the first quarter of 2019 with an availability rate of 5.8%. The market has consistently been within 1.0% of this availability rate every quarter since the first quarter of 2015. The county recorded negative net absorption of 89,559 square feet, the majority of which occurred in Concord where Cerus plans to vacate 31,808 square feet at 2550 Stanwell Drive.

After a relatively strong year in 2018, the Solano County industrial market was off to a hot start, ending the first quarter of 2019 with 591,756 square feet of positive net absorption and a 5.43% overall availability rate. This marks the first time since the second quarter of 2016 that Solano County recorded a lower overall availability rate than Contra Costa County.

The Napa County industrial market finished the first quarter of 2019 with an overall availability rate of 3.12% and negative net absorption of 8,220 square feet, with most of the activity taking place in the city of Napa.

 Direct Avg NNN Asking Rate (Price/SF)
     $0 .72
 Total Availability Rate (%)
           5.0
 Net Absorption (SF)
  484,007

 



North I-680 Office Market Report
2Q19
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North I-680 Industrial Market Report
1Q19
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