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2022 Q2 Oakland Industrial Market Research Report

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Already Near Historic Low, Vacancy Continued to Fall

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High levels of industrial space demand across the Oakland I-80 / I-880 Corridor pushed overall vacancy closer to historic lows. At quarter end, the overall industrial vacancy rate was 2.4 percent, down 20 basis points (bps) from 2.6 percent in the first quarter. Industrial demand was largely driven by e-commerce and third-party logistics firms, following long-term shifts in consumer spending patterns and the lingering effects of pent-up demand for goods. Current demand appears to be outpacing new construction, which also remained at a high level. Average asking rental rates continued their growth as the combined average asking rent for industrial and warehouse properties is $1.17 per square foot per month triple net (NNN); the average asking rent for R&D/Flex properties is $3.61 per square foot NNN.

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2022 Q2 Oakland Industrial Market Research Report

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