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East Bay rent growth climbs while other markets steady

  • Bay Area markets lead the West Coast for rent growth. Steady growth since 2010 has pushed [overall/class A?-specify] Oakland office rents above the Silicon Valley, making the East Bay the third most expensive West Coast office market, just behind San Francisco and the Mid-Peninsula.

  • More affordable real estate and housing options attract out-of-market office users and residents to the East Bay. JLL currently tracks 3.3 million square feet of demand requirements targeting the East Bay, of which 35.0 percent are San Francisco-based tenants. East Bay-based tenants are also growing organically, expanding their local market footprints.

  • Full service average asking rents are as high as $5.50/sf/mo. for top buildings in core submarkets. These types of rents are being achieved in Class A buildings, but also in some Class B and Creative Class buildings in Oakland-CBD whose owners are bumping rents after completing high-end renovations. As new and redeveloped projects come to market, asking rents are expected to push higher. 

Source: JLL Research, US Census Bureau, California Association of Realtors

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