Record Setting Levels of Leasing Activity
The overall industrial vacancy rate in the Oakland I-80 / I-880 Corridor declined significantly from 3.8 percent to 2.9 percent in the fourth quarter. Record setting levels of demand continued unabated throughout the year of 2021 and are anticipated to persist in 2022. The demand for modern distribution space in core markets continues to drive up lease rates and sales prices in the inventory-constricted I-80 / I-880 industrial market. The combined average asking rent for industrial and warehouse properties is $1.05 per square foot per month triple net (NNN); the average asking rent for R&D/Flex properties is $2.57 per square foot NNN.
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