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Market Report

Oakland Retail Market Report

2024 Investment Forecast

Multifamily Development Within the City of Oakland
Benefits Local Retail as Investors Lean Farther South

Amid broader softening, central Oakland performing well. The metro’s streak of net space relinquishment will reach a seventh year in 2024, leading to a slight rise in vacancy and a minor shift in the mean asking rent. Much of this trouble stems from outside of Oakland proper, however. Within the city, vacancy was under 5 percent last year, reflecting multiple quarters of positive net absorption. Operations are aided by development here — the lack thereof for retail buildings and the abundance of new apartments underway. The large slate of local multifamily arrivals should bring more households here over time, supporting nearby vendors. Operators are, however, facing challenges across the 80 Corridor, where vacancy sat above 9 percent last year, and the 880 Corridor, where the same metric jumped by triple-digit basis points. A slowdown in leasing amid rising overhead costs, such as labor and goods to sell, especially for spaces over 10,000 square feet, is contributing to the recent hurdles.

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