Search
 

Isolated Troubles Bump East Bay Office Vacancy

OAKLAND, CA-Concord and Dublin each post six-figure negative absorption for the fourth quarter, helping push overall East Bay office vacancy to 13.3%, according to local market reports.

By Brian K. Miller | Updated on February 11, 2008

OAKLAND, CA-The East Bay office market is a tale of two regions, according to year-end numbers from Grubb & Ellis. Isolated trouble spots in the 31-million-sf Tri-Valley/I-680 office market resulted in 324,500 sf of negative net absorption there, while the 26-million-sf I-80/I-880 region produced 100,000 sf of positive net absorption.

The result was 225,000 sf of negative net absorption that pushed the overall East Bay office vacancy rate up 80 basis points to 13.3%. Within that, the I-80/I-880 region saw overall vacancy fall to 12.1% while the Tri-Valley/I-680 office market saw vacancy rise to 14.3%. It’s been nearly three years since the Tri-Valley/I-680 region has experience a vacancy rate at this level, according to the report.

The laggards in the Tri-Valley/I-680 office market were the Concord (3.6 million sf; 25.9% vacancy) and Dublin (2.2 million sf; 17.1% vacancy) submarkets, which together posted nearly 350,000 sf of negative net absorption. The largest submarkets in the region–Pleasanton (8.4 million sf; 13.6% vacancy), Walnut Creek (7.5 million sf; 12.2% vacancy), San Ramon (5.9 million sf; 12.7%) held fairly steady with net absorption figures that were either only slightly negative or positive.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.