Greater Oakland Office Market Report
Net absorption in the fourth quarter of 2023 totaled negative 72,928 SF. This is the seventh quarter in a row where the market has experienced negative absorption. There were no new office construction projects in the Greater Oakland market in the fourth quarter of 2023. Life science makes up most of the active construction. Availability increased 30 basis points to 23.9% as space returning to the market continues to outpace new leasing. Vacancy however decreased by 20 basis points to 20.4% Asking rents decreased to $4.44 as tenants continue to be drawn to Class A space.
Download Greater Oakland Office Market Report 4Q23East Bay Industrial Market Report
The market experienced positive net absorption in the fourth quarter amounting to 360,499 SF. The positive absorption helped balance out the year, and annual net absorption was stable at negative 32,004 SF, or just 0.02% of the market. Vacancy rates increased to 5.5% in the East Bay, largely driven by higher vacancy rates in R&D/Flex buildings. General Industrial and Warehousing markets continued to see below average vacancy rates in the fourth quarter at 3.5% and 4.6%, respectively. Overall availability rates were 7.2%, following the same trends as vacancy rates. As of the end of the year, warehouse/distribution availability was 6.5% while general industrial was 4.3%. There were 2.5 MSF of industrial construction deliveries in 2023. Availability for this space at the end of the fourth quarter was 51.9%.
Download East Bay Industrial Market Report 4Q23