MARKET TRENDS

• East Bay/Oakland’s vacancy reached 7.5% at the end of Q4, marking a 270 basis-point increase from the previous year, as demand remains soft amid economic and political concerns.
• Despite slowing market conditions and increased vacancy rates, asking rental rates have stayed elevated, averaging $1.28 per square foot (psf) in Q4 2024, compared to $1.04 psf in Q4 2023.
• Quarterly net absorption has been negative for four consecutive quarters, with this quarter recording -1.1 million square feet (msf), resulting in a total annual net absorption of -2.6 msf for 2024.

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