Newmark’s Greater Oakland/East Bay Real Estate Market Report is a valuable resource for investors, owners and occupiers looking to remain informed on the area’s office and industrial market. This quarterly report encompasses data from major cities in the area, including Oakland, Berkley, Emeryville and more, providing insight into the market’s latest trends and driving factors.
Greater Oakland Office Market Report
Net absorption in the second quarter of 2024 totaled negative 96,204 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 second quarter of 2024. Life science makes up most of the active construction. Availability saw no change, while vacancy increased by another 60 basis points to 22.0%. Asking rents decreased further to $4.33 as landlords continue trying to fill their vacancies.
East Bay Industrial Market Report
The market experienced negative net absorption of 778,395 in the second quarter of 2024, amounting to negative 2.8M square feet for the first half of the year. The two largest spaces that came to market were from 702 National Court, and 6195 Coliseum Way Vacancy rates increased by 80 basis points to 6.5%, largely driven by warehouse and distribution buildings coming to the market. All 3 product types saw an increase in vacancy rates in the second quarter. Overall availability rates increased 70 basis points to 8.3% with 1.8% being sublease space. East Bay Tenants shed even more space in the second quarter of 2024, with 2 sublease spaces and 4 direct spaces coming to the market over 100,000 SF
