Expected to Stabilize
The Oakland Metropolitan Area’s office vacancy rate increased in the first quarter of 2022 from 13.3 to 14.4 percent. The lingering effects of the latest pandemic surge over the winter negatively impacted leasing activity in the first quarter; however, sales activity increased significantly. The office market is expected to stabilize over the next few quarters of 2022 as companies’ return-to-office plans materialize. Net absorption was negative 379,340 square feet for the quarter. The combined average asking rate across all classes of office space decreased by $0.09 to $4.46 per square foot per month full service (FS).
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