Oakland Office Market Report
Class B/C Space Poised to Weather Downturn as Class A Assets Compete With Other Bay Area Metros
East Bay economy gains some traction. Relative to San Francisco and San Jose, the market’s diverse payrolls have traditionally been a net benefit in recessions. During this downturn, however, the ability of office personnel to work remotely has supported payrolls in the other Bay Area markets. The result will be a longer road back to pre-health crisis employment performance. Some benefits are expected to arise from the recession. Remote and flex work will assuage concerns over long commutes, while lower housing costs attract high-paid tech employees no longer leashed to offices on the other side of the bay. The completion of the BART line into San Jose should also open up access to those workers. Overall, the distribution of wealth into the East Bay will generate population-service office jobs.