Expected to Stabilize
The Oakland Metropolitan Area’s office vacancy rate experienced no change in the second quarter of 2022 remaining at 14.4 percent. The lingering effects of the latest pandemic surge during the spring negatively impacted leasing and sales activity in the second quarter. 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 387,919 square feet for the quarter. The combined average asking rate across all classes of office space increased by $0.04 to $4.50 per square foot per month full service (FS).
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