Oakland Market Report
Dual Paths Forward Emerge for East Bay Economic Recovery; Greater Clarity Following Ballot Defeats to Entice More Buyers to Deploy Capital
East Bay outlook most uncertain among Bay Area metros. Although a diverse employment base is generally a hedge during a recession, the metro’s smaller percentage of office-using jobs relative to the other two Bay Area markets puts the metro in a disadvantageous position for a recovery. Unemployment is 150 basis points above San Francisco and only 27 percent of the jobs lost during the health crisis have been recovered. Nonetheless, the market has been slower to reopen than many others and a bump in payrolls in service industries could emerge as conditions warrant. Through September, 38,400 leisure and hospitality jobs, and 13,000 trade, transportation and utilities positions have yet to return. An additional 18,400 jobs in the education and health services sector should return as hospitals and doctors’ offices reopen to more elective procedures and private schools resume in-person classes.