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Large Spaces Hitting East Bay Market

EMERYVILLE, CA-The added supply is affecting rates. In Richmond, rates are $16 per sf or $17 per sf, down several dollars from the $24 per sf rate at the end of last year. In Emeryville, the market rate of $54 per sf has dropped to between $39 per sf and $45 per sf.

By Marsha Trent | Updated on May 01, 2001

EMERYVILLE-The tech-heavy office market here is struggling. According to reports from industry experts, 902,606 sf was available at the end of the first fiscal quarter. Emeryville is struggling with a 20% vacancy rate where six months ago the rate was only about 2%, turning this East Bay market into a reflection of the dot-com bust that is driving San Francisco’s South of Market area.

Among the large blocks of space open on the Emeryville market are 118,480 sf at Watergate, most of which became available with Siebel Systems moved into new digs at the 433,433-sf Watergate Tower. Other large spaces up for grabs include 170,192 sf at EmeryStation North that was slated to be the new home for NorthPoint Communications; about 156,300 sf of refurbished space at Hollis Business Center; 60,000 sf at Emery Bay Marketplace Tower; and 53,480 sf at Emeryville Farms.

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