Oakland Retail Market Report

Impact limited from elevated deliveries. Each year since 2023, the Oakland metro has welcomed more retail space deliveries than San Francisco and San Jose combined, and this trend will carry into 2026. However, more than 80 percent of the space opening in 2026 was pre-leased as of January. Looking ahead, leasing is expected to remain relatively flat, as smaller footprints — particularly restaurants and gyms — continue to serve as the primary source of stability, while big-box signings over 50,000 square feet remain rare. At the submarket level, the Berkeley-Richmond corridor is expected to maintain vacancy above 10 percent. At the same time, Downtown Oakland remains the least vacant submarket in the metro, with a sub-5 percent rate entering 2026. The urban core’s relatively low vacancy reflects its role as the East Bay’s primary transit and residential hub, where BART-driven foot traffic and small-format retail support steadier absorption than in other, more office-dependent downtowns.