Challenges Remain but Measured Optimism Exists
The Oakland Metropolitan Area’s office vacancy rate across all classes increased in the first quarter of 2021 from 10.9 to 11.5 percent. This includes both the office space offered by landlords on a direct basis (3,222,010 square feet) as well as office space offered by way of sublease (792,045 square feet). The downward shift in office market fundamentals that began with the onset of the pandemic in early 2020 has continued into 2021.
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