According to the second-quarter report from CB Richard Ellis Inc., office vacancies remain near zero and rents were up for the sixth quarter in a row. Reports authors CRBE senior vice president James W. Lees and vice president Timothy E. Grant wrote that the crunch is unlikely to ease so long as supply continues to exceed demand.
Direct vacancies averaged 0.3%, ranging from 0% in the cities of Brisbane, Foster City and San Carlos to 1.3% in the city of Belmont. With sublease space factored in, vacancies averaged 1.5%, with 0% in Brisbane to 8.3% in San Carlos.
Rentals for Class A properties average $8.50 per sf and $7.36 per sf for Class B properties. The authors calculated positive net absorption of 479,96 square feet for the quarter.
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