Q3 2021 East Bay Office Occupiers Guide
The largest transactions in the East Bay came from Callisto Media (78,070 sf) and Twitter (66,600 sf). Investment volume in real estate acquisitions and venture capital remained strong. Average rental rates across the East Bay recorded a slight decrease quarter-over-quarter to $4.38/sf/month. Vacancy recorded a 188-bps increase up to 16.11%. Overall absorption in the East Bay recorded 151.5K SF of negative absorption. Alameda and Berkeley remained nearly flat in terms of absorption, while Oakland and Emeryville recorded 98.8K SF and 47.0K SF of negative absorption, respectively.
Notably, Callisto Media’s sublease at Uptown Station from Square represented opportunity for tenants to take premium space at a discount while uncertainty looms. Uncertainties include Delta Variant and noncommitments from large tenants in return to office plans. Looking forward, expect increased transaction volume as more tenants solidify their return to office plans.