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Market Report

Oakland Office Market Report

4Q 2023

Pockets of Encouraging Demand Emerge,
Despite East Bay’s Macro Challenges

Several submarkets buck the broader trend. East Bay office vacancy has reached an all-time high, with historically elevated rates apparent in Oakland proper and along the 680 Corridor. Despite this daunting reality, pockets of the metro are registering regionally impressive levels of demand. At 10.1 percent in June, the 880 Corridor claimed the second-lowest vacancy rate among the 17 Bay Area submarkets with at least 10 million square feet of inventory. Home to primarily Class B/C space, the aforementioned area benefits from its bridge access to Silicon Valley, along with an average asking rent that is lower than all major East Bay submarkets. To the north, the 80 Corridor noted positive absorption in each of the past two quarters, with vacancy declining 10 basis points during the first half. Similar to the 880 Corridor, the majority of space here is of mid- and lower-tier quality, signaling demand among cost-conscious firms.

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