Greater Oakland Office Market Report
Net absorption in the third quarter of 2024 totaled negative 120,703 SF. This is the 9th 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. Vacancy increased by another 60 basis points to 22.6%.
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East Bay Industrial Market Report
The market experienced negative net absorption of 1.5M square feet in the third quarter of 2024, amounting to negative 4.3M square feet YTD-2024. The two largest spaces that came to market were from 33300 Dowe Avenue (192K square feet) and 3129 Corporate Place (333K square feet). Vacancy rates increased by 100 basis points to 7.5%, largely driven by warehouse and distribution buildings coming to the market. All 3 product types saw an increase in vacancy rates in the third quarter. Overall availability rates increased 110 basis points to 9.4% with 2.4% being sublease space. East Bay tenants shed even more space in the third quarter, with 4 sublease spaces and 4 direct spaces coming to the market over 100,000 SF.
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