Oakland Office Vacancy Hits Record High

0:00Nearly 38% of downtown Oakland's office space sat empty in the first quarter of this year. That's according to a fresh report from real estate firm Cushman and Wakefield, highlighting how the vacancy rate just won't budge six years after. COVID hit. While San Francisco and San Jose Quacán around 31% vacancies, theirs dipped a bit over the past year. Oakland's, though, crept even higher, a far cry from the 10.8% back in 2019 before the pandemic shook everything up. Tech layoffs across the Bay Area aren't helping, and the AI boom hasn't sparked much demand for Oakland offices yet. It's left the local market struggling, while bigger players elsewhere adjust. On a brighter note, some solid leases popped up recently, like Emerson Collective, grabbing about 18,000 square feet on 9th Street, plus. Deals from Highblee and Alta Planning, but watch out. Major tenants like Kaiser, Chlorox and Pandora have leases ending in the next 36 months. These homegrown moves might slow the bleed, yet real drops in vacancy need fresh big name arrivals.

1:06With Oakland's cheaper rents, it could pull overflow from pricey San Francisco spot soon. I'm Corey with the story, and you've been listening to California News today. AI-powered local news.