MARKET TRENDS

• Although asking rents held steady at $1.30 per square foot year over year, landlords continued to offer concessions and flexible lease terms to remain competitive.
• Vacancy increased by 40 basis points (bps) quarter over quarter and 60 bps year over year, while net absorption remained negative for the third consecutive quarter.
• Several large transactions closed in the Hayward/Castro Valley and Newark submarkets, led by Zoox's 353,653-square-foot lease across two PGIM-owned buildings at 25500 Clawiter Road.

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