Out-of-market companies are fueling tenant activity
Oakland Metro’s development pipeline has piqued the interest of companies from across the Bay Area.
Oakland Metro’s development pipeline has piqued the interest of companies from across the Bay Area. San Francisco-based companies are fueling tenant activity - accounting for 41.0 percent of requirements in December – in addition to a steady flow of organic demand stemming from Oakland and Emeryville.
More than 600,000 square feet of brand new Class A office and lab space was delivered so far this year inclusive of EmeryStation West and Berkeley Way West, which are both substantially leased. Technology and Life Science companies are actively touring the market, creating a competitive leasing environment in Oakland Metro.
Pre-leasing on under construction projects have been moderate, but the lack of large block availabilities and the recent passage of Prop. C in San Francisco could further incentivize companies to consider the East Bay as a viable option.
Source: JLL Research