East Bay - Oakland industrial real estate market reports
Q1 2024
After a sluggish performance in 2023, the East Bay industrial market shows signs of a turnaround in Q1 2024. Flex space performed well with over 800K sf of positive net absorption, largely driven by the move-in for a single tenant in the Fremont submarket. However, traditional industrial space experienced over 500K sf of negative absorption, indicating varied performance across different segments. For the coming quarters, high interest rates remain a concern as persistent inflation shows no signs of subsiding.
242K sf
Net absorption
Overall, net absorption in the East Bay for Q1 2024 is positive, with flex products leading the gains and traditional industrial experiencing losses.
1.3 msf
Delivery
Over a million sf of construction was delivered in the first quarter, causing availability to rise despite positive net absorption.
+20%
Port activity
Q1 2024 sees a healthy rebound in port activity. Full container import/exports have increased by 20% compared to Q1 2023.
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