Greater Oakland Office Market Report
Net absorption in the third quarter of 2023 totaled negative 352,066 SF. This is a 2.6% increase in negative absorption compared to the first quarter of 2023, and almost triple the amount of negative absorption from the third quarter of 2022. There were no new construction projects in the Greater Oakland market in the third quarter of 2023. Life science makes up the majority of active construction. Availability grows to 23.6% as space returning to the market continues to outpace new leasing. Vacancy rises to 20.6% Asking rents stabilize at $4.54 as tenants are drawn to Class A space.Download Greater Oakland Office Market Report 3Q23
East Bay Industrial Market Report
For the second straight quarter, the market experienced negative net absorption amounting to negative 307,466 SF. This marks the fourth consecutive quarter of declining net absorption. Vacancy rates have increased to 4.4% in the East Bay, largely due to high vacancy rates in R&D and Flex buildings. General Industrial and Warehousing markets continue to see sub-4% vacancy rates in the third quarter.There was 242,956 SF of industrial construction deliveries in the third quarter. The largest delivery was the 205,900 SF warehouse space at 155 Parr Blvd.
Download East Bay Industrial Market Report 3Q23