Oakland Retail Market Report

Momentum may be picking up in the East Bay. After six months of net move-outs, the second half of 2024 noted a return of positive net absorption that is poised to carry forward this year. A series of retailers have move-ins scheduled across the East Bay, including national chain restaurants, health and wellness concepts, auto parts vendors, and value stores. The city of Oakland, along with the Interstate 880 Corridor to the south, entered this year with the lowest vacancies of local submarkets at 4.4 percent and 4.1 percent, respectively. Availability remains elevated, meanwhile, in Richmond and San Pablo, with the Interstate 80 Corridor at 10.4 percent to conclude 2024. Operations this year may be aided by a lack of new supply pressure, as the development pipeline is largely focused north and west along the Highway 4 and Interstate 680 corridors. These projects are generally well accounted for; however, other troubled retailers closed locations here in recent months. This trend will carry forward into this year as brands such as Joann’s plan local closures, partially offsetting openings.