Greater Oakland Office Market Report
Net absorption in the third quarter of 2024 totaled negative 18,899 SF. This is the 10th 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 2024. Life science makes up most of the active construction. Vacancy remained steady at 22.5%
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East Bay Industrial Market Report
The industrial market experienced a continued decrease in demand resulting in negative net absorption of 303,825 in the fourth quarter of 2024, amounting to negative 4.5M square feet for the year. Vacancy rates remained at 7.5% quarter over quarter. The majority of the vacancy was in warehouse/distribution buildings. Vacancy rates for all three product types remained stable between the third and fourth quarter. Overall availability rates remained at 9.4%, of which 2.3% was sublease space. Published asking rates haven’t declined significantly although noticeable softer deal rates occurred on transactions – especially on less functional buildings.
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