Tri-Valley Office Market
The Tri Valley market experienced a positive absorption of 158,167 square feet for the first quarter of 2024 mainly due to the reoccupied space by AT&T at 2600 Bishop Ranch. Asking rental rates remained steady for all types of products in Tri Valley for the first quarter of 2024, including office, office-flex, R&D and industrial sectors while transaction starting rates decreased. There has been a slight downturn in tenant demand compared to the fourth quarter of 2023, and it remains historically low. Tenants continue to be drawn to buildings with better amenities and shared spaces.