Traditional tenants maintain interest in Oakland as tech fades
Oakland tenants in the market composition
Oakland’s current tenants in the market are composed strongly of finance, legal, non-profit, and professional service, while tech’s presence begin to fade.
- Of the tenants currently searching for office space in Oakland, only about 14% are tech companies. Finance, legal, non-profit, and other traditional office users make up the bulk of the tenants in the market.
- While other tech-dependent markets like San Francisco and Silicon Valley are significantly affected by the tech downturn, Oakland's traditional tenant makeup positions it to recover sooner and more vigorously.
- Furthermore, since these industries require employees to be physically present at the workplace, Oakland is less affected by the slow return-to-office trend that is hindering the tech industry. As a result, the outlook for Oakland's office market recovery is particularly bullish.
May 11, 2023