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Oakland - East Bay

The 150,240-unit Oakland-East Bay apartment market isn’t getting that much development given its low vacancy and high rents. The overall vacancy rate was 3.3% in October 2017, unchanged year-to-date. Rents were up 2.7% by both measures year-to-date as of October, to $2,175 per month asking and $2,089 per month effective.
The 126.9-million-square-foot Oakland-East Bay warehouse/distribution market managed 493,000 square feet of new supply in 2017 through October, but net absorption topped 1 million square feet year-to-date. It had been around 3 million square feet in 2015 and 2016, when more space was available, but the October vacancy rate was just 6.7%, down 50 basis points year-to-date. Rents gains are accelerating. The average asking rent is up 4.9% year-to-date to $6.12 psf in October, with the average effective rent up 5.1% to $5.57 psf. The 25.2-million-square-foot Flex/R&D market is quieter, with no space added this year or last year. The October 2017 vacancy rate is 10.5%, down 130 basis points from year-end 2016 on 335,000 square feet of net absorption—all after mid-year. Rent gains are strong. The average asking rent was up 4.9% year-to-date to $10.58 psf in October, with the average effective rent up 5.3% to $9.34 psf.
Rents have soared in the 52.2-million-square-foot Oakland-East Bay general purpose, multi-tenant office market, but occupancy is still weak. Following 323,000 square feet of negative net absorption in the first quarter of 2017, demand turned positive, but by October, the year-to-date total was still minus 166,000 square feet. Despite limited new supply, the October vacancy rate was still up 110 basis points year-to-date at 14.0%. As of October 2017, the average asking rent was up 2.7% year-to-date to $32.33 psf, with the average effective rent up 2.4% to $25.44 psf.
The 28.7-million-square-foot Oakland-East Bay community-neighborhood shopping center market is tighter than the U.S. average, with an October 2017 vacancy rate of just 6.7%, up just 10 basis points year-to-date. Rent gains are strong, with the average asking rent up 3.9% year-to-date to $30.80 psf in October, and the average effective rent up 4.1% to $27.58 psf.

Source: Data provided by Reis, inc.

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