Market Indicators
Relative to Prior Period
Vacancy
Q4
2022
Net Absorption
Construction
Rental Rate
Non-weighted Rental Rate
Sales Volume
Q1 2023
Forecast
Sales Prices
Key Takeaways |
Class A office vacancy rate increased from 12.9 percent to 13.0 percent in the second quarter.
Sales activity remained low as there was only one sale of 10,000 square feet or greater in the fourth quarter
In the largest new lease of the quarter, biotech firm Metagenomi subleased 75,662 square feet in Emerystation West at 5959 Horton Street in Emeryville
The overall sublease vacancy rate increased slightly but remained minimal at 3.0%
In the largest lease in the quarter, Callisto leased 78,070 square feet at 1955 Broadway in downtown Oakland.
Life science companies had five leases of 13,000 square feet or greater, all in Berkeley, Emeryville, and Alameda
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Key Metrics
Lease Transaction
Sales Transaction
Jeff Horwitz
Research Analyst
jeff.horwitz@colliers.com
+1 510 287 3125
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Tony Burnett
Executive Managing Director
tony.burnett@colliers.com
+1 510 433 5863
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Research & Forecast Report
Oakland Metropolitan
Office Market
The Oakland metropolitan area’s office vacancy rate increased from 15.5 percent to 15.6 percent in the fourth quarter of 2022 and continues to be impacted by the pandemic and drop in office use. Net absorption was negative 12,691 square feet for the fourth quarter and negative 613,741 square feet for FY 2022. The combined average asking rate across all classes of office space decreased by $0.01 per square foot to $4.44 per square foot per month full service (FS). These figures suggest that the office market in the Oakland metropolitan area is stabilizing. One positive trend is the continued conversion of office space to life science space, as evidenced by the largest leases this quarter.
Read on for an overview
Q4 2022
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Lease and Sales Transactions |
Q4 2022
Office – Class A
Office Overview
Office – Class B/C
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Weighted Rental Rate
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Q4 2022
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Vacancy Rate
Average Asking Rate
Vacancy Rate
Average Asking Rate
Vacancy Rate
Average Asking Rate
Vacancy Rate
Average Asking Rate
Vacancy Rate
Average Asking Rate
Will Chui
Research Analyst
william.chui@colliers.com
+1 510 433 5838
Construction
