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2020 Q4 Oakland Office Market Research Report

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Pandemic Disruption Continues

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The Oakland Metropolitan Area’s office vacancy rate increased in the fourth quarter of 2020 from 9.8 to 10.9 percent. This represents a 3.9 percentage point increase from the 7.0 percent vacancy rate at the beginning of the year as the office market continues to face disruption from the pandemic. Net absorption was negative 379,653 square feet for the fourth quarter and negative 1,004,259 square feet for the year. The combined average asking rate across all classes of office space decreased by $0.08 to $4.46 per square foot per month full service (FS).

Deal velocity has declined as evidenced by the fact there were only two significant lease transactions in the fourth quarter. In the largest lease in the quarter, Agenus leased the entire 83,620 square foot Office/R&D building at 6455 Christie Avenue in Emeryville. In the second largest lease, IAC subleased 19,000 square feet of space in the Uptown Station building located at 1955 Broadway.

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2020 Q4 Oakland Office 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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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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Susan Gregory

Executive Vice President

Silicon Valley

AREA OF EXPERTISE
Widely recognized as one of the most experienced and successful owner representatives practicing in Silicon Valley, Susan has worked on behalf of many of the most important landlords in the region. She is proud of the long-term success of these client relationships, which over the last 25 years have yielded over 100 successful transactions per year. Deal by deal, she brings the highest standards of skill, experience and creativity to her clients.  She is an expert in maximizing return via sophisticated marketing, lease negotiations  and financial analysis.

The breadth of Susan’s experience in new office development, is extensive—encompassing all phases from pre-ground-breaking planning to 100% lease up. Her professionalism and meticulous follow-through are evident in every aspect of her work and reflect the genuine passion and enthusiasm she has for the business. 

BUSINESS AND EDUCATIONAL BACKGROUND
Prior to joining Colliers in 1996, Susan worked in leasing and asset management as Vice President for PS Business Parks, Inc. In that role, she managed 3.8 million square feet of office and R&D properties in the western United States.

COMMUNITY INVOLVEMENT
In her free time, Susan enjoys tennis, travel and the extensive arts scene in the area.  She supports a number of philanthropic organizations that focus on the visually impaired and promoting the arts in the Bay Area.

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