Indicators of a Gradual Recovery Underway
The Oakland Metropolitan Area’s office vacancy rate increased fractionally in the third quarter of 2021 from 12.0 to 12.1 percent. This represents the smallest quarterly increase in vacancy since the pandemic’s inception. Net absorption was negative 28,006 square feet for the third quarter. The combined average asking rate across all classes of office space increased by $0.07 to $4.55 per square foot per month full-service gross (FSG). These indicators suggest the office market has begun a gradual recovery and greater improvements are anticipated in 2022.
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