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Market Report

Oakland Office Market Report

4Q 2022

Interstate 680 Corridor South's Downward Vacancy Trend is a
Bright Spot Amid a Market Transition

Companies begin inking larger-scale commitments in suburbs. As of August, the East Bay had seen three major leases — totaling 330,000 square feet — signed in the Interstate 680 Corridor South submarket. Availability here compressed 150 basis points in the trailing 12 months ended in June. Snowflake, a cloud-based computing company, and Vagaro, an online scheduling startup, both made commitments in May, contributing to the drastic vacancy compression in the metro's second-largest submarket. The market's southeastern neighborhoods have some of the tightest apartment vacancy rates and offer attractive commutes, making them a prime target for employers seeking access to the local talent pool . With a sparse number of office projects currently in the construction pipeline here, vacancy is poised to tighten further if additional companies pursue longer-term commitments in the area.
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