AT&T Lists More Than 260K SF For Sublease
AT&T has listed more than 260K SF of offices for sublease at the Bishop Ranch office park in San Ramon, California. This is the second time in two years the telecommunications company has listed space at the property for sublease, previously placing 330K SF in the property’s west wing on the market in summer 2020.
The property is at 2600 Camino Ramon. The sublease covers space across multiple floors in the property’s north wing, according to the San Francisco Business Times, which first reported the listing.
AT&T initially purchased the land from Sunset Development in the 1980s and built out the space before selling it back to the development company in 2014 in a sale-leaseback.
Chevron took over the aforementioned 330K SF sublease on the property late last year after vacating its offices at 6001 Bollinger Canyon Road, which it also sold to Sunset Development.
Meanwhile, office vacancy across the I-680 Corridor rose steadily in 2022, hitting 19.5% by year's end, according to CBRE’s Q4 report on the segment. The area's office construction pipeline is empty, according to CBRE.
Monthly leasing rates, however, ticked up a few cents to $3.05 per SF across the corridor. San Ramon’s own total office vacancy hit 24.1%, according to the report, with year-to-date negative net absorption of over 427K SF.
By the second half of 2022, sublease availability totaling nearly 500K SF hit the corridor, bringing the total amount of sublease available up to 1.9M SF, according to the report.
