Recovery’s Progress Slows, Optimism for 2022
The Oakland Metropolitan Area’s office vacancy rate increased in the fourth quarter of 2021 from 12.1 to 13.4 percent. After indications that a gradual recovery had begun in the third quarter, the recovery’s progress slowed in the fourth quarter as the pandemic continues to upend companies’ return-to-office dates via the Omicron variant. Net absorption was negative 456,427 square feet for the fourth quarter. The combined average asking rate across all classes of office space remained flat at $4.55 per square foot per month full-service gross (FSG).
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