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Oakland - East Bay

Rents fell in the fourth quarter in the 149,204-unit Oakland-East Bay apartment market; but they still posted solid gains for 2016, and the vacancy rate increased. It was 3.2% during the fourth quarter, up 20 basis points for the quarter alone and 30 during the year. The vacancy rate edged up 10 basis points in January 2017. In 2016, rent increases slowed to a gain of 3.9% asking, to $2,112 per month, and 3.7% effective, to $2,025 per month. And in the fourth quarter, rents fell by 0.7% and 0.9%, respectively. In January 2017, overall rents edged up 0.2% by both measures.
The 126.7-million-square-foot Oakland-East Bay warehouse/distribution market had another big year in 2016, with more than 2.3 million square feet of net absorption and 1.6 million square feet of new supply. The vacancy rate fell 70 basis points over the year and 20 during the fourth quarter to just 8.6%. The average asking rent increased 3.2% during 2016 to $5.55 psf, with the average effective rent up 3.5% to $5.03 psf. The fourth quarter gains were 1.3% and 1.4%, respectively. The market got off to a solid start in 2017, with the vacancy rate falling 10 basis points and rents rising by 0.4% asking and 0.2% effective. The 25.2-million-square-foot Flex/R&D market had a vacancy rate of 12.0% for year-end 2016, down 120 basis points over the year on 308,000 square feet of net absorption and no multi-tenant new supply. The average asking rent was up 2.8% over the year to $9.59 psf, with the average effective rent up 3.1% to $8.43 psf. Occupancy was flat in January 2017, with rents rising by 0.3% asking and 0.4% effective.
The 52.5-million-square-foot Oakland general purpose, multi-tenant office market got some new supply in 2016, but the market still tightened. Net absorption came in at more than 1 million square feet for the year, and the vacancy rate fell 170 basis points to 13.6%. The rate fell 40 basis points in the fourth quarter despite the new supply. The overall vacancy rate edged up to 13.7% in January 2017. Rents spiked by more than 7.5% for the second consecutive year. In 2016, the average asking rent increased 8.1% to $31.59 psf, and the average effective rent rose 8.7% to $24.88 psf, including gains of 1.0% and 1.2%, respectively, during the fourth quarter. Overall rents increased by just two cents asking and one cent effective in January 2017.
Net absorption was negative in 2016 in the 28.3-million-square-foot Oakland-East Bay community-neighborhood shopping center market, but it was not enough to fundamentally alter conditions in this very tight market. The year-end vacancy rate was just 6.6%, up 50 basis points during 2016 but down 20 during the fourth quarter. Without much new space hitting the market, rent growth was weak. The average asking rent increased just 1.0% during 2016 to $29.66 psf, with the average effective rent up 1.1% to $26.50 psf. Rents were flat in the second half of the year. The vacancy rate was still 6.6% in January 2017, with rents up 0.1% by both measures that month.

Source: Data provided by Reis, inc.

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