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East Bay/Oakland Q1 2025 Industrial Market Report

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MARKET TRENDS

  • Currently, 0.9 million square feet (msf) of space is under construction, reflecting a decline from 1.3 msf in the previous quarter. Additionally, 0.4 msf was completed and delivered this quarter.
  • Although market conditions have softened, as indicated by rising vacancy rates, asking rents have remained elevated, averaging $1.31 per square foot (psf) in Q1 2025, up from $1.14 psf in Q1 2024.
  • The vacancy rate increased to 8.1% in in Q1 2025, representing a 240-basis-point increase from the same period in the previous year, as demand remained subdued amid persistent economic and political uncertainties.

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