Q3 2019 East Bay Occupiers Guide
The East Bay economy added over 20,000 new jobs on an annual basis, and maintains a low unemployment rate of around 3%. The office market continues to be tight, with no new construction completions in Oakland this quarter. Healthcare and biotechnology continue to play an important role in the East Bay market, with healthcare company Penumbra signing the largest lease of the quarter in Alameda, followed by Zymergen signing a 76,000 SF lease in Emeryville. East Bay rental rates continue to rise, with an average Q3 2019 rate of $4.47/RSF/month, up from the average Q2 2019 rate of $4.29/RSF/month. Vacancy increased by a marginal 98bps to 9.51%.