East Bay - Oakland industrial real estate market reports
Q3 2021: Recovery in the East Bay area industrial market continues amid new stages of the Covid-19 Pandemic and global supply chain uncertainty.
As jobs return to the region, demand for e-commerce sales remain at all-time highs, rents continue to rise, and sale transactions remain active, confidence in the region is returning.
Economic conditions
The East Bay/Oakland unemployment rate continues to decline from a high of 14.6 percent in April 2020 to 6.4 percent now.
Leasing activity
While the region has seen declines in leasing activity in comparison to historical, these decreases are moderate when compared to the region’s office market.
Vacancy rate
2021 will mark the first time since 2017 in which vacancy has decreased year over year.
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 percent over the last six years.
Capital markets
During Q3 2021, over $800 million of deals were completed, making the total deal volume since the beginning of 2020 $4.3 billion.
Development activity
The Bay Area currently has 4.8M sf of industrial space proposed or under construction, which makes up 2.9% of the current total inventory in the regions.
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