Oakland Industrial Market Report
Bay Area’s Reliance on Local Industrial Assets Keeps Space Demand Positive Through Health Crisis
East Bay industrial plays pivotal role in Bay Area recovery. As the anchor for the region’s storage, distribution and importation, industrial properties will be among the first to recover following some of the longest COVID-19 restrictions in the nation. The Port of Oakland set a record for container traffic in the first quarter, bringing in 613,000 TEUs, besting the prior record in the first quarter of 2019. Furthermore, the unemployment rate in the East Bay dipped to 6.9 percent in this year’s opening period, down 800 basis points from the recessionary peak. These gains are expected to accelerate in the second and third quarters as capacity restrictions are lifted further.