CBRE

FIGURES|I-680CORRIDOROFFICE|Q42025

Flighttoqualitydrivesoptimismina

marketfullofcommodityspace

22.8%

VacancyRate

▲(54K)

SFNetAbsorption

$3.03

Full-ServiceGross/AskingLeaseRateExistingProperties

r0

SFUnderConstruction

Note:Arrowsindicatechangefrompreviousquarter.

OFFICEMARKETHIGHLIGHTS

ThetotalpopulationofAlamedaandContraCostaCountiesstoodat2.83million,an

increaseof0.19%fromthepreviousquarter.Totallaborforceincreasedquarter-over-quarter(QoQ)by0.08%,from1.399millionto1.40million,whilethetotalofficeemployment

NetAbsorptionSF

increasedby0.10%to270.8KattheendofQ4.TheunemploymentratedecreasedQoQby3basispoints(bps)from4.95%to4.92%andup3bpsyear-over-year(YoY)from4.89%.

Therewere9leasessignedover10,000sq.ft.inQ4.Thismakes39totalthroughallof2025.Leasingactivityreached367,386sq.ft.inQ4,bringingtheyear-to-datetotalfor2025tojustover2millionsq.ft.

OverallnetabsorptionduringQ4wasnegative54,792sq.ft.Thisfollowsthenegative

167,467sq.ft.ofabsorptionduringQ3,resultinginaYTDtotalofnegative551,172sq.ft.

Market-wideaverageaskingrentsremainedflatat$3.03psf/mofull-servicegross(FSG)inQ4.

Tenantdemandinthemarketrose9.5%fromQ3toQ4,reaching1,214,500sq.ft.,despiteaYoYdeclineof16.1%.

Vacancy

24%

22%

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

FIGURE1:Vacancy&NetAbsorptionTrend

0.8MSF

0.6MSF

0.4MSF

0.2MSF

0.0MSF

-0.2MSF

-0.4MSF

-0.6MSF

-0.8MSF

-1.0MSF

NetAbsorptionVacancy

2016201720182019202020212022202320242025

Source:CBREResearch,Q42025

1CBRERESEARCH?2026CBRE,INC.

FIGURES|I-680CORRIDOROFFICE|Q42025

2CBRERESEARCH?2026CBRE,INC.

OFFICEOVERVIEW

TheI-680Corridorofficemarket,covering34.3millionsq.ft,continuedto

demonstrateresiliencedespitepersistentheadwinds.Whilevacancycontinuedtoedgehigherthroughout2025,marketsentimentremainscautiouslyoptimistic.

Vacancyratesincreasedslightly,withtheoverallraterisingfrom22.6%inQ3to22.8%inQ4,andavailabilityfrom26.7%to26.8%.Negativeabsorptionmarkedits13th

consecutivequarterofnegativeabsorptionwiththeadditionofanothernegative54,792sq.ft.inQ4..

Averageaskingratesremainedflatat$3.03persq.ft.FSGinQ4.ClassArents

decreasednominally,whileClassBrentsincreasedfrom$2.44persq.ft.FSGinQ3to$2.47persq.ft.inQ4.TheuptickinClassBrentslocatednearstableClassA

propertiesissignalingpricestabilityandpotentialfuturerentgrowth.

Tenantrequirementsdecreasedfrom90inQ3to88inQ4,butthetotalsquare

footageincreasedby9.5%QoQto1,214,500sq.ft.Theaveragetenantsizedecreasedby26.7%year-over-yearto13,960sq.ft.Service-orientedtenantsledoveralldemand,followedbyeducationandhealthcare.Financialservices,technology,andlegal

practicesroundedoutthetopindustrysectorsofQ4demand.Thereisanadditional132,500sq.ft.ofdemandearmarkedforpurchase.

Leasingactivitydecreasedsignificantlyby45.2%QoQ,reaching367,386sq.ft.Thelargestleaseswererenewalsat2600CaminoRamon(55,000sq.ft.)andat4120

DublinBlvd(39,357sq.ft.).Meanwhile,capitalmarketsactivitycontinuedduringQ4.ThemostnotabletransactionwasLincolnPropertiespurchaseof400TaylorBlvdinPleasantHillfor$15.2million.

Althoughthisquarter’sdatareflectsongoingchallenges,theoveralltoneinthe

marketisincreasinglypositive,drivenbyaflighttoqualityandsustaineddemandforwalkable,amenity-richlocations.CoredowntownWalnutCreek,particularlysouthofYgnacioValleyRoad,hasbecomeafocalpoint.Thisoutlookisunderpinnedbystrongfundamentalsandagrowingperceptionthatconditionsarestabilizing.Notably,we

arecloselytrackingtheongoingcontractioninofficeinventoryanditspotential

implicationsformarketdynamicsandrentalrates.Lookingahead.Stakeholdersareincreasinglyevaluatinghowevolvingtenantpreferencesandshiftingdevelopmentpipelinesmayshapeamoreresilientandcompetitivelandscapeinthefuture.

FIGURE2:SubmarketStatistics

Submarket

NetRentableArea

TotalVacancy(%)

TotalAvailability(%)

AverageAskingRate($)

Q4NetAbsorption

YTDNetAbsorption

WalnutCreek–Downtown

4,615,390

22.2%

25.0%

3.73

6,191

(25,600)

ClassA

2,758,956

23.0%

27.4%

4.04

21,287

(10,800)

WalnutCreek-YgnacioValley

1,715,008

14.3%

16.7%

2.23

(16,007)

36,030

ClassA

500,982

12.4%

12.6%

2.40

(13,172)

(12,429)

PleasantHill-Bart

1,942,166

32.6%

34.6%

3.73

(11,978)

(39,534)

ClassA

1,731,645

33.1%

34.2%

3.83

(4,349)

(48,000)

PleasantHill

1,094,044

9.5%

11.0%

2.60

5,580

(10,991)

ClassA

129,131

20.2%

30.2%

3.10

1,804

(6,513)

Concord

4,965,836

32.1%

35.5%

2.44

(35,168)

(73,951)

ClassA

3,371,331

40.2%

45.1%

2.52

(31,673)

(87,357)

Martinez,Pittsburg,Antioch

592,087

4.5%

4.5%

1.47

0

(1,868)

ClassA

N/A

N/A

N/A

N/A

N/A

N/A

Lamorinda

1,100,540

16.9%

20.1%

3.62

(5,564)

(78,179)

ClassA

223,264

17.7%

26.5%

4.06

0

(62)

Alamo/Danville

658,422

8.4%

10.4%

3.35

(4,106)

6,214

ClassA

220,602

8.1%

12.5%

3.56

(487)

2,799

SanRamon

6,480,992

23.9%

29.7%

3.10

(17,323)

(53,699)

ClassA

5,093,595

27.9%

34.2%

3.18

(17,232)

(27,923)

Livermore

523,435

25.6%

28.3%

2.27

9,038

19,776

ClassA

N/A

N/A

N/A

N/A

N/A

N/A

Dublin

2,259,208

18.7%

22.3%

2.86

12,318

(49,846)

ClassA

1,436,146

24.7%

30.2%

3.08

9,964

(54,112)

Pleasanton

8,330,012

22.0%

27.7%

2.90

2,227

(279,524)

ClassA

6,143,428

26.0%

33.1%

2.97

6,731

(239,065)

I-680OfficeMarket

34,277,140

22.8%

26.8%

3.04

(54,792)

(551,172)

ClassA

21,609,080

28.1%

33.6%

3.18

(27,127)

(483,462)

Source:CBREResearch,Q42025

FIGURES|I-680CORRIDOROFFICE|Q42025

3CBRERESEARCH?2026CBRE,INC.

FIGURE3:NotableLeaseTransactions

TenantAddress

SFLeased

Type

Rodan&Fields

2600CaminoRamon,

SanRamon

55,000

Renewal

Confidential

4120DublinBlvd,Dublin

39,357*

Renewal

Calyxo

4430RosewoodDr,

Pleasanton

29,948

New

Lease

KimleyHorn

2999OakRd,

WalnutCreek

21,611

New

Lease

Black&Veatch

1277TreatBlvd,WalnutCreek

19,549

New

Lease

WellsFargo

2033NMainSt,WalnutCreek

18,815*

Renewal

Source:CBREResearch,Q42025

FIGURE4:NotableSaleTransactions

*CBREInvolved

BuyerAddress

SF

Sold

SalePrice

$/SF

LincolnPropertyCompany

400TaylorBlvd,PleasantHill

63,639

$15.2M

$239

MundMalam

5000PleasantonAve,

Pleasanton

22,848

$8M

$350

DeerfieldRealty

1231-1255SCalifornia

Ave,WalnutCreek

17,707

$16.5M

$935

BlackCrow

Properties

1670RivieraAve,WalnutCreek

12,000

$3.1M

$260

Source:CBREResearch,Q42025*CBREInvolved

FIGURE5:LeaseRates(FSGper/mo)

AskingRate

($/SF)ClassAClassB

$3.50

$3.25

$3.00

$2.75

$2.50

$2.25

$2.00

3.18

2.47

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42121212122222222232323232424242425252525

Source:CBREResearch,Q42025

FIGURE6:Vacancy&Availability

26.8%

TotalVacancy%Availability%

28%

26%

24%

22%

20%

18%

16%

14%

12%

22.8%

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42121212122222222232323232424242425252525

FIGURE7:HistoricalDemand

2.0MSF

1.5MSF

1.0MSF

0.5MSF

0.0MSF

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42121212122222222232323232424242425252525

Source:CBREResearch,Q42025

FIGURE8:Top25LeasesoftheQuarterbyIndustry

12%

BusinessServices

2%

Retail

32%

5%

288KSQ.FT.

Technology

15%

FinancialServices

Other

15%19%

Energy

LifeSciences/Bio-Tech

Source:CBREResearch,Q42025

Source:CBREResearch,Q42025

FIGURES|I-680CORRIDOROFFICE|Q42025

SubmarketMap

Definitions

AverageAskingRateDirectAnnualLeaseRates,FullServiceGross.AvailabilityAllexistingspacebeingmarketedforlease.TotalVacancyRateDirectVacancy+SubleaseVacancy.CBDCentralBusinessDistrict;consistsofFinancialDistrictandSouthFinancialDistrictsubmarkets.

CBRE’smarketreportanalyzesexistingsingle-andmulti-tenantofficebuildingsthattotal10,000+sq.ft.intheI-680

Corridor,excludingowner-occupiedbuildings.CBREassemblesallinformationthroughtelephonecanvassing,third-partyvendors,andlistingsreceivedfromowners,tenantsandmembersofthecommercialrealestatebrokeragecommunity.

Contacts

PaulMagoria

ResearchManager/p>

Paul.Magoria@

KonradKnutsen

Director,NorthernCA&GreaterLA+1916