East Bay - Oakland industrial real estate market reports

Q2 2021: Due increases in demand and further expansion of e-commerce, industrial leasing activity has seen varying levels of recovery. 

In Q2 of 2021, the Northern California industrial markets are in varying states of recovery. In markets where the industrial sector plays a traditionally larger role in the economy, like the East Bay and Sacramento, market fundamentals have seen a steady rise since the beginning of the Covid-19 Pandemic. In markets where the industrial sector plays a traditionally smaller role in the economy, like the San Francisco Peninsula and Silicon Valley, market fundamentals have begun to rebound since the peak of the Covid-19 Pandemic.


Economic Conditions

Reopening efforts have enabled unemployment to rebound nearly 9% since May 2020 to 6.3% now, adding new jobs, 62,000 jobs. 


Leasing Activity

Leasing activity has continued to grow, increasing by 20.2 percent compared with long-term historical averages. 


Vacancy Rate

The Q2 2021 total vacancy rate continued to trend upward but at a slower rate than in 2020. Average asking rents increased at a rate of 5.4% from 2020 to Q2 2021, compared to only 4.2% from 2019 into 2020.


Rental Rate

Base rents softened slightly in 2020 during the peaks of the Covid-19 Pandemic, but overall have trended upward since 2015, increasing by 63.3% over the last six years.


Capital Markets

Pricing for Bay Area industrial assets has seen a decrease of 11.7% from their Q1 2020 peak to Q2. After a significant dip in pricing in Q2 2020, prices have rebounded nearly 25%.


Development Activity

There are 25 industrial developments in the pipeline in the greater Bay Area totaling 4.8 million square feet. 

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