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9/10/08
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Office market fundamentals in the East Bay are expected to soften modestly through the rest of this year as job losses and the housing market downturn weigh on tenant demand, according to a second-quarter Office Research Report by investment brokerage firm Marcus & Millichap. Rents are forecast to remain essentially flat this year, potentially drawing employers with expiring leases in more expensive Bay Area markets to the East Bay.
Buyers seeking value-add opportunities may look to the Interstate 680 South and Livermore areas, where a rise in leasing activity among technology companies may prompt owners to raise rents closer to market value, says Jerry Smith, Regional Manager of the Oakland office of Marcus & Millichap.
Here are some of the most significant aspects of the Oakland Office Research Report:
Office construction is projected to total 209k sf this year, compared with 74k sf in 2007.
Vacancy is forecast to finish the year at 14.5 percent.
Asking rents are projected to rise 0.2 percent to $27.13 per square foot.
Effective rents will end the year at $23.05 per square foot.
The median price has appreciated 7 percent year over year to $233 per square foot, indicating the current flight-to-quality sentiment.
For a copy of the complete Oakland Office Research Report, as well as reports on other markets nationwide, visit the Marcus & Millichap website at www.MarcusMillichap.com.
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