East Bay Office Rents Explode

Vacancy hasn’t improved much in the East Bay, but rents are going up, according to a recent report issued by Newmark Cornish & Carey.

The rents are rising around Interstate 680, including the markets of Concord, Pleasant Hill and Walnut Creek, by as much as 30 percent in some of the assets. Rents can be as high as $48 per square foot in Walnut Creek and $24 in Concord.

This is all happening while vacancy rates are at 15.3 percent. However, that number has dropped from 16.7 percent at the beginning of the year.

Companies apparently like the area because there is more affordable housing in some of the East Bay locales as compared to other parts of the Bay Area.