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Conditions Right for Continued Growth In East Bay Office Market

OAKLAND, CA-Over one million sf of class A space was under construction in the Oakland metro area at the end of the third quarter, but nearly half of it is already pre-leased.

By Raymond J. Aguilera | Updated on November 23, 2000

OAKLAND, CA-Colliers International is painting a rosy picture for the Oakland office market in its recently released third quarter report. Demand is far outpacing supply, pushing rental rates above $50 per sf, while vacancy rates have plummeted – from 8.4% at the end of 1999 to 2.6% at the end of the third quarter, ensuring that the Oakland boom will continue as a force to be reckoned with in the Bay Area market.

Over one million sf of class A space was under construction in the Oakland metro area at the end of the third quarter, but nearly half of that space is pre-leased. And with many of the delivery dates more than a year away, Colliers is predicting the market will remain tight in the coming months. Although leasing activity has slowed, is has been due largely to a lack of available space.

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