Greater Oakland Office Market Report
| Average FS Asking Rent (Price/SF) | $4.59 |
| Availability Rate (%) | 16.6% |
| Net Absorption (SF) | -734,992 |
The Greater Oakland office market finished off one of its toughest years to date, although the future looks to bring positive news, with mass vaccinations beginning to take place. A sense of normalcy in the Bay Area should be around the corner, with options for employers to reintroduce workers back into the office space. As tenants begin to reenter the market, the number of options at all size ranges will be a great benefit to those in the market. Shell space to beautifully built-out suites will be there for the taking, and competition will be lower than prior years.
East Bay Industrial Market Report
| Average NNN Asking Rent (Price/SF) | $1.10 |
| Availability Rate (%) | 7.1% |
| Net Absorption (SF) | -701,838 |
Trends in the East Bay industrial market remain mostly the same as the third quarter of 2020, with some signs of improvement. Net absorption, totaling negative 701,838 square feet, has gotten less negative, an increase of about 25%, while gross absorption, totaling 2,959,177 square feet, is about 44% higher than it was last quarter. The substantial increase in gross absorption is partially due to heavy renewal activity in the market, notably Smart Modular’s renewal in Newark and the Macy’s renewal in Union City. Another quarter of negative net absorption also means that vacancy rates increased again, to 7.1%. Whether this represents a new long-term equilibrium for tenants and landlords or a short-term vacancy trend while the uncertainty clears remains to be seen.
Download East Bay Industrial Market Report 4Q20