Tri-Valley Office Market
The Tri Valley office and flex markets experienced a negative absorption of 165K square feet for the third quarter of 2024. Asking rental rates remained relatively unchanged with a couple submarkets showing decreases in the third quarter of 2024. Bishop Ranch experienced negative 160k square feet of absorption due to 250K square feet becoming vacant at 2613 Camino Ramon. Tenants continue to be drawn to Class A space in buildings with better amenities and shared spaces. Tenant downsizing/rightsizing continues based on preexisting lease expiration dates, due to the affects of Covid work from home changes based on when companies lease expiration dates occur.