Walnut Creek Office Space
In brief, the Walnut Creek downtown Class A office market has experienced strong leasing activity in the past 2 quarters. The market vacancy is decreasing and we expect it to continue to decline. The Walnut Creek downtown Class A vacancy rate in Q2 2004 was 13.8% and it had dropped to 12.4% as of Q4 04.
Monthly asking rental rates range from $2.40/rsf to $3.00/rsf fully serviced, with monthly parking charges ranging from $40/stall/monthly to $100/stall. Recent completed lease transactions range from $2.35 to $2.85/rsf/monthly effective. The typical lease transaction structure includes a few months of free rent, $15-25 in TIs and 3/1000 parking at $50-$70/stall/monthly.
