Greater Oakland Office Market Report
Net absorption in the first quarter of 2024 totaled negative 149,670 SF. This is the eighth 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 first quarter of 2024. Life science makes up most of the active construction. Availability increased 160 basis points to 25.5% as space returning to the market continues to outpace new leasing. Vacancy also increased by 100 basis points to 21.4%.Asking rents decreased to $4.38 as landlords try to fill their vacancies.
Download Greater Oakland Office Market Report 1Q24
East Bay Industrial Market Report
The market experienced negative net absorption in the first quarter of 2024, amounting to negative 1.3M square feet. Vacancy rates increased by 20 basis points to 5.7%, largely driven by warehouse and distribution buildings coming to the market. Both the general industrial and warehouse/distribution markets continued to see below average vacancy rates in the first quarter at 4.0% and 5.0%, respectively.
Overall availability rates increased 40 basis points to 7.6%, as well as vacancy rates, which slightly increased by 10 basis points to 5.6%. Greater Oakland tenants shed even more space in the first quarter of 2024, with 5 sublease spaces and 9 direct spaces coming to the market over 100,000 SF.