The East Bay Oakland office market may have got off to a slow start in 2019, with virtually no growth and moderate leasing activity, but significant growth, driven primarily by in-migration from major tech users, awaits just on the horizon, according to Cushman & Wakefield. Meanwhile, rental rates continue to climb overall, led by rates in the region’s CBD areas, while investment sales pricing continues to reach new heights. Despite the sluggish start, the firm’s local experts maintain a highly positive outlook for the region, as a result of new tech activity plus housing opportunities.
Keith Reichert, local research analyst with Cushman & Wakefield in Oakland, said, “Office vacancy for the East Bay Oakland market remains healthy at 9.5 percent, essentially unchanged from the previous quarter, while gross leasing activity totaled just 530,000 square feet, roughly half of the level we recorded last quarter — which notably was led by Square’s leasing 356,000 s
