Market Trend: East Bay/Oakland’s Office Deliveries, Construction and Inventory

August 9, 2013

During the second quarter 2013, no new space was completed in the East Bay/Oakland market area.

There was one building totaling 64,035 square feet that completed in the first quarter 2013, two buildings totaling 83,000 square feet completed in the fourth quarter 2012, and 164,000 square feet in four buildings completed in the third quarter 2012.

There were 68,640 square feet of office space under construction at the end of the second quarter 2013.

The only delivery in 2013 has been Pleasanton Corporate Center – Bldg F, a 64,035-square-foot facility that delivered in first quarter 2013 and is now 100% occupied.

The only project under construction at the end of second quarter 2013 was 1441 E 31st St., a 68,640-square-foot building with 100% of its space pre-leased.

Total office inventory in the East Bay/Oakland market area amounted to 113,571,086 square feet in 5,682 buildings as of the end of the second quarter 2013. The Class-A office sector consisted of 26,334,425 square feet in 103 projects. Within the Office market there were 204 owner-occupied buildings accounting for 12,900,329 square feet of office space.

This trend is compared to U.S. National Office deliveries and construction, which saw 219 buildings totaling 10.26 million square feet complete construction, with an additional 71.06 million square feet of office space still under construction at the end of the second quarter. A 685,000-square-foot facility at 200 S 108th Ave. in the Omaha/Council Bluffs market delivered, while the 3.02 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market area totaled 10.34 billion square feet in more than 493,000 buildings at the end of the second quarter 2013, including almost 20,000 owner-occupied buildings accounting for 879.9 million square feet.

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