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2020 Q1 Oakland Office Market Research Report

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A Significant Change

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The overall Oakland Metropolitan office market’s vacancy rate increased from 7.0 to 7.6 percent in the first quarter of 2020. Given that the shelter-in-place orders were only issued in the last two weeks of the first quarter, COVID-19 has had limited impact on first quarter statistics; the impact is anticipated to be recognized in the second quarter. Activity, while declining, has not come to a halt with some transactions being finalized and overall deal velocity declining. Total leasing activity in the first quarter was 254,686 square feet, nearly on par with the 267,233 square feet in the prior quarter. However, net absorption was negative 216,434 square feet in the first quarter, a significant change from last quarter’s positive 252,129 square feet of net absorption. After five consecutive quarters of rent growth, overall office asking rents fell slightly to $4.59 per square foot per month full-service (FS) compared to $4.63 last quarter, but are still up $0.47 from Q1 2019.

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2020 Q1 Oakland Office Market Research Report

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William Chui

Research Analyst

Oakland

As a Research Analyst in the Oakland office, I help manage our proprietary market database as well as various outside sources of data in order to develop ongoing market trend analyses for our brokers and clients. In addition, I assist in producing the monthly, quarterly and other specialized reports published by our office.

Having studied economics with a specialty in statistics at UC Davis, my role at Colliers allows me to use my expertise in an industry that is economically dynamic, but also very tangible in its impact.  I get a visceral enjoyment knowing so much about the buildings I pass by everyday. 

My professional relationships at Colliers bring me a lot of satisfaction.  I enjoy collaborating with the brokers on behalf of their clients, and work closely with the Oakland research team and other researchers across the region. 

In addition to my research expertise and requisite tech capabilities, I am fluent in Mandarin and Cantonese.  Prior to joining Colliers, I worked for a tech start-up as a data analyst and became proficient in several important database programs.

In my spare time, I enjoy traveling, watching movies, and playing sports, especially running, badminton, and basketball.

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Randy Dixon

Regional Managing Director

Sacramento

Since joining Colliers in July 2010, Randy has put his priorities in building a team of leading market experts for each discipline and combining them with market leading support services and strong next generation brokers, that brokers can leverage to improve their business success.  He has successfully transitioned the culture of the brokers from a silo centric office of teams that work independently to a group that collaborates and leverages the expertise of those around them to improve their business success.  He has been committed to creating an environment where Colliers is giving back to the community and enjoying a fun place to work.

In 2019, Randy expanded his role to include oversight and leadership of the Reno office, and at the beginning of 2022 he has taken on the leadership role for the Puget Sound Seattle and Bellevue offices.  His priority for each of these offices continue to be to build the best culture and resources in the marketplace, and recruit a complement of brokers who add value to the team that others can leverage  to  improve their business success.

Prior to joining Colliers in July 2010, Randy was 22 years experience in Commercial Real Estate with Hines, a privately owned, international real estate firm that has provided the highest level of quality, service and value to its clients and investors.  Randy most recently was responsible for Asset Management services for the 39 properties totaling 3.5 million square feet as well as New Business for the Sacramento area.  Over his tenure with Hines he has worked in Seattle, San Francisco, Los Angeles and San Diego in building successful teams and providing oversight to Asset, Leasing, Property, Facilities and Construction Management services. 

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