Walnut Creek, CA - Office Market Overview
The Walnut real estate market includes the Broadway Plaza, Meadow Creek, and Oak Road commercial real estate markets. With a metropolitan population of nearly 70,000, the city is also part of the larger Oakland region, home to nearly 2.8 million people. Demand for office space in Walnut Creek comes from a dynamic mix of employers, both large and small.
As of mid-2017, the Walnut Creek office market encompasses over 6.4 million square feet of existing office space in properties larger than 50,000 square feet. Located just 16 miles from Oakland, at the junction of Interstate 680 and State Route 24, the city serves as a regional transportation hub, which helps generate consistent demand for commercial real estate in Walnut Creek, CA.
Walnut Creek, CA - Office Inventory Description
Walnut Creek is part the powerful economy of the East Bay region of the San Francisco Bay Area, and definitely contributes its share to the Oakland area's $172 billion in gross annual metropolitan product. Both high technology and traditional businesses help to keep the Walnut Creek office market growing. There are over 1.2 million square feet of Class A or A+ office space in Walnut Creek, while Class B product adds nearly 5.2 million square feet more to the office inventory in Walnut Creek, California.
The Overlook office submarket in Walnut Creek is one area of the city that sees consistently strong demand for office space. Located east of the I-680 and north and south of Ygnacio Valley Road, this submarket is home to investment-grade office buildings such as Riviera Plaza, 101 Ygnacio Plaza, and Gateway Centre at 1850 Mount Diablo Boulevard.
Walnut Creek, CA Commercial Inventory Breakdown
Total: 6,990,378 SF
By square footage range:
- 50k to 100k SF: 1,726,643 SF / 24.7% of total office
- 100k to 500k SF: 5,263,735 SF / 75.3% of total office
- Class A: 1,233,252 SF / 17.64% of total office
- Class B: 5,757,126 SF / 82.36% of total office
Walnut Creek, CA - Green Office Space
The demand from office tenants and portfolio property office investors for LEED-certified, EPA Energy Star-rated, and green certified office buildings is growing each year. Not only is green office property environmentally friendly, but there are definite economic benefits to be gained by both tenants and building owners alike. With nearly 1 million square feet of green office space in Walnut Creek, office users in the city are able to find the eco-friendly space that they are looking for.
One great example of a LEED-certified office building in Walnut Creek is Treat Towers - 1255 Treat Blvd. Located near Interstate 680 and Treat Boulevard in the Contra Costa Center commercial real estate submarket of Walnut Creek, this property contributes nearly 188,000 square feet of Class A LEED Gold-certified green office space to the Walnut Creek market.
The most recent National Green Building Adoption Index survey, conducted in 2017, analyzed the top 30 office markets in the U.S. to measure the market share growth of green office buildings. The report noted that, since 2005, the percentage of LEED-certified, EPA Energy Star-rated, and green office space across these top markets has grown by about 33% over the past 12 years. California is home to six of the top green office markets in the country.
Walnut Creek, CA's Top Office-Using Sectors
The Walnut Creek office market sees significant demand from the top office-using sectors in Walnut Creek of the healthcare and software & green technology industries, along with large government users and corporate office locations.
- Healthcare – Demand for white-collar office space in Walnut Creek comes from institutions such as John Muir Health, Kaiser Permanente, and HCR Manor Care.
- Software & Green Technology – Quick Mount PV and Yapston are two companies in this top office-using sector in Walnut Creek, CA.
- Government – The City of Walnut Creek, the United States Postal Service, and the numerous support businesses they attract help to create demand for Walnut Creek commercial real estate.
- Corporate Offices – Aetna, CSE Insurance Group, and the PMI Group also generate demand for white-collar employment in Walnut Creek, Calif.
Walnut Creek Demographics
- Total Population68,516
- Male Population(46.6 %) 31,920
- Female Population(53.4 %) 36,596
- Median Age48.60
- Average Household Income$122,477
- Median Household Income$86,845
- Median Income 25-44$109,045
- Median Income 45-64$132,705
- Median Income Over 65$60,323
Invesco Sells Walnut Creek Office Campus
March 16, 2018
Growers Square, a three-building office project in Walnut Creek, Calif., is under new ownership. Investment management company Invesco, represented by NKF Capital Markets, sold the property to Rockwood. “Walnut Creek has experienced a renaissance that has brought high-end restaurants, shopping...