OAKLAND, CA-GlobeSt.com recently got an exclusive sneak peak at the Oakland office of Lee & Associates' fourth quarter 2013 Industrial Market Summary for the Interstate 880 corridor. The summary reports a strong quarter to end 2013, with numerous large lease and sale transactions closing in the final weeks of the year.
Additionally, vacancy rates in virtually every market along the I-880 corridor, including Hayward, San Leandro, Union City, Fremont/Newark, Oakland, Berkeley, Emeryville and Richmond, continued to fall as demand for industrial space grew—a trend that is expected to continue into 2014, says the report.
“From an owner's perspective, this report illustrates great news for the highly sought after East Bay market, as the pendulum swings more in their favor on lease renewals and future lease rates,” says Craig Hagglund, managing principal at Lee & Associates' Oakland office. “On the other side, tenants can expect a bit more difficulty with renewals, with the search for quality space expected to continue to be more competitive, ultimately putting upward pressure on lease rates throughout 2014.”
The report also illustrated a continued acceleration in owner user sales and owner user sale prices along the I-880 corridor, which, according to Hagglund, are numbers not seen in the East Bay market for over five years. Additionally, investors are continuing to scour the East Bay marketplace in search of industrial properties, resulting in more and more sales across the many submarkets, says the report.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
