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2020 Q4 Oakland Industrial Market Research Report

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Industrial Hero E

Warehouse Demand Remains Stable

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The overall industrial vacancy rate in the Oakland I-80 / I-880 Corridor increased minimally in the fourth quarter of 2020 from 3.6 percent to 3.7 percent. The demand for warehouse product remains strong in the Oakland I-80 / I-880 Corridor due to the rapidly expanding e-commerce industry. The e-commerce industry was already experiencing robust growth prior to the onset of the pandemic, and that growth has accelerated during the pandemic. Gross absorption was 1,095,355 square feet in the fourth quarter, and 6,299,604 square feet for the year, the highest annual total since 2016. Warehouse product accounted for 4,265,986 square feet of the annual gross absorption. The combined average asking rent for industrial and warehouse properties is $0.95 per square foot per month triple net (NNN) and for R&D/Flex properties it is $1.95 per square foot NNN.

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2020 Q4 Oakland Industrial Market Research Report

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Related Experts

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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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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Chet Barney

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I specialize in the sale and leasing of industrial properties in the San Francisco East Bay Area, including San Leandro, Hayward and Union City.  As an industrial broker, my first priority is to thoroughly understand my client’s business requirements and concerns.  A careful understanding of these concerns combined with my experience and knowledge of the market makes it possible to deliver creative, unexpected solutions even in the face of the current unprecedented demand for space. 

Over 26 years, my accrued transactions have exceeded 6 million square feet for clients such as ABC Roofing, Ikon Office Solutions, Mercury Marine Corporation, Riddell/All American Sports Corporation, Sugar Bowl Bakery, Dal-Tile, Inc., Wells Fargo Bank Real Estate & Specialty Assets, and Performance Contracting, Inc.  I have worked extensively along the I-880 corridor with packaged and palletized food distribution companies to address their warehousing and distribution requirements, including the manufacturing process and cold storage. In addition, I have represented numerous Asian food companies with their Bay Area warehousing needs.

Whether representing a landlord or tenant, my intention is to be responsive, reliable and detail-oriented every step of the way.  My goal is to take the real estate burden off my clients so they can focus on effectively operating their businesses.  I value the client relationships I have developed over so many years and get real satisfaction seeing my clients set up for continued growth and success.

When I am not working I enjoy reading, running and surfing.  I live in Oakland with my wife Tracy and have four children.

 

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