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. Today, across the Tri-Valley, the Class A office market is very strong. with average asking rents of $2.13 per square foot showing an increase of 15.8 percent from the last quarter of 2004 to the third quarter of 2005; though occupancy rates also fell by 1.7 percent during the same period. Historic Office Market Trends (Fourth Quarter), Pleasanton and the Tri-Valley $4.00 ~-~-~- 120% $3.50 $300 100% .. $2.50 I.! . $2_00 . . ..J $1_50 . 80% ~ ~ I a II 40% $1.00 $0.50 20% $0.00 0% 1999 2000 2001 2002 2003 2004 i 1BIIIIIIl. Pleasanlon Occupancy Rates C::::::JTri-Valley Occupancy Rates J .-:::f::-:' Pleasanlon Lease Rates ~.. Tri-Vallev lease Rales . The Pleasanton office market is recovering. with vacancy rates dropping from 19.2 percent in 2002 to 13.9 percent in 2004 Gust slightly higher than the 2004 Tri-Valley rate of 13.6 percent) and asking rents on the rise (from $1.60 to $1.75 between the fourth quarter of 2003 and 2004). Third quarter 2005 data showed average asking rents up to $2.05 and vacancy of 10.8 percent. . Pleasanton's industrial market is also rebounding, with vacancy rates of 5.7 percent in third quarter 2005. Despite historical downward trends since 2001, industrial rents were also beginning to increase over the period with average asking rents up from $0.91 to $1.01 between the end of 2003 and 2004. High housing costs in Pleasanton reflect strong market demand and local quality of life. However this trend makes home ownership inaccessible to many Pleasanton workers. . The 2005 median household income for Alameda County was $65,750 for a two- person household and $82,200 for a four-person household. Calculations of affordable home sale prices indicate these households can afford to purchase a house for up to $243,290 (two-person household) or $304,946 (four-person Pleasanton Economic Development Strategic Plan DRAFT - January 2006 7