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Northern California Market Reports

Northern California Office Market Report 

Average Asking Rent (Price/SF) $4.13
Availability Rate 10.7%
Net Absorption (SF) 692,544

The Northern California office market posted 692,544 square feet of positive net absorption in the second quarter. This marks the seventh consecutive quarter of positive absorption. Strong leasing activity, especially on quality, transit-oriented spaces, continues to push down the overall availability rate, which finished the quarter at 10.8%. The total average asking rent increased $0.10 to $4.13/SF. In the largest direct lease deal of the quarter, Google leased 728,335 square feet at Peery/Arrillaga's North First/Brokaw Road project in San Jose. Google intends to occupy the four buildings upon completion in 2021.

Bay Area Life Science Market Report 

 Availability Rate (%)
        3.9%
Net Absorption (SF)   -45,260

Demand for life science space increased by 10.8% in the second quarter of 2019, as tenant requirements in the market exceed 3.4 million square feet. The majority of the requirements continue to fall within the 20,000 to 49,999-square-foot range. The market currently consists of 962,927 square feet of available life science space and closed the second quarter with a 3.91% vacancy, slightly up from 3.85% in the previous quarter and down from 4.9% a year ago. Leasing activity diminished this quarter, as only six leases greater than 20,000 square feet were executed compared with nine in the previous quarter. The decrease in deal activity is no cause for alarm, however, and is typical during the summer months.



Northern CA Office Market Report
2Q19
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Bay Area Life Science Market Report
2Q19
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