The East Bay/Oakland Industrial market ended the second quarter 2013 with a vacancy rate of 8.9%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 321,612 square feet in the second quarter. That compares to positive 2,146,680 square feet in the first quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 1,121,263 square feet.
Tenants moving into large blocks of space in 2013 include: CEVA Logistics moving into 323,254 square feet at 31353 Huntwood Ave, Xpedx moving into 286,100 square feet at 7337 Las Positas Rd, and DAMCO moving into 180,000 square feet at 1501 Buena Vista Ave.
Rental rates ended the second quarter at $7.67, an increase over the previous quarter.
A total of four buildings delivered to the market in the quarter totaling 64,251 square feet, with 117,200 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 8.5% from the previous quarter, with net absorption positive 44.6 million square feet in the second quarter. Average rental rates increased to $5.25 this quarter, and 167 industrial buildings delivered to the market totaling almost 17.5 million square feet.
The information in this news report is based on CoStar’s Second Quarter 2013 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.