Regional Summaries

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Oakland - East Bay

The 150,585-unit Oakland-East Bay apartment market loosened up slightly in 2017, as the vacancy rate edged up 10 basis points over the year and 10 during the fourth quarter to 3.4%. Two projects with 659 units completed construction in January 2018 leaving 3,405 units under construction. The overall vacancy rate was 3.6% in January 2018. Rent gains have moderated after reaching the threshold of unaffordability. In 2017, the average asking rent increased 2.0% to $2,158 per month, with the average effective rent up 1.9% to $2,073 per month. The fourth quarter gains were 0.2% and 0.1%, respectively, and were followed by an increase of 0.3% by both measures in January 2018.
The price of industrial real estate soared in 2017 in both the 127.4-million-square-foot Oakland-East Bay warehouse/distribution market and the 25.2-million-square-foot Flex/R&D market. In the former, the average asking rent was up 7.7% over the year to $6.45 psf with the average effective rent up 8.1% to $5.89 psf, including gains of 2.2% and 2.3% in the fourth quarter. Rents were up another 0.2% by both measures in January 2018. The market added 758,000 square feet of new warehouse/distribution space in 2017; but demand remained strong, and the vacancy rate fell 40 basis points to just 6.7%. It was unchanged in the fourth quarter. Four buildings with 266,000 square feet in total completed construction in January, and the vacancy rate edged up to 6.9%. For Flex/R&D, the average asking rent was also up 7.7% during 2017 to $11.10 psf, with the average effective rent up 8.4% to $9.85 psf, including gains of 2.1% and 2.4% for the quarter. The Flex/R&D market has the 265,000-square-foot Emery Station West in Emeryville under construction, while 2017 net absorption had totaled 433,000 square feet. The vacancy rate fell 170 basis points in 2017 to 10.1%, and it was just 10.0% in January 2018.
Net absorption was negative in the first and fourth quarter of 2017 in the 54-million-square-foot Oakland-East Bay general purpose, multi-tenant office market, and the year ended with a total of minus 238,000 square feet. The vacancy rate was up 50 basis points over the year and 20 during the fourth quarter to 14.1%. It was also 14.1% in January 2018. Moderate rent gains for 2017 show the market was stronger than the occupancy data imply. The average asking rent was up 3.1% to $32.49 psf, with the average effective rent up 2.9% to $25.56 psf, including respective gains of 0.6% and 0.5% in the fourth quarter. Overall rents edged up 0.1% by both measures in January 2018.
The 28.7-million-square-foot Oakland-East Bay community-neighborhood shopping center market is strong. The vacancy rate was steady at around 6.6% in 2017 despite 430,000 square feet of new supply. Another 34,000 square feet was added in January 2018, but the rate was still 6.6%. The average asking rent increased 4.8% during 2017 to $31.08 psf, with the average effective rent up 5.1% to $27.85 psf. The latter gain was the largest recorded here since the year 2000. The fourth quarter gain of 1.2% by both measures was followed by an increase of a penny for each in January 2018.

Source: Data provided by Reis, inc.

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