The Central Valley Office market ended Q2 2021 with a record low availability rate of 7.2%, a 140-basis point (bps) decrease from the previous quarter. The vacancy rate continued to decline to a rate of 5.7%, a change of 90 bps from Q1 2021. Net absorption for the quarter totaled 47,433 sq. ft. of positive net absorption, the second consecutive quarter of occupancy gains and the highest total occupancy gains since Q4 2018. Average asking lease rates rose $0.03 in Q2 2021 to $1.72 per sq. ft.