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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 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
2Q19
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North I-680 Industrial Market Report
2Q19
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