2019-07-12_DTZ戴德梁行_Office_Q2_2019_East_Bay_Oakland_4页_467kb

报告摘要

East Bay Oakland Office Market Q2 2019 Summary

Core Content Overview

The East Bay Oakland office market experienced notable changes in Q2 2019, marked by increased employment, rising vacancy rates, and significant net absorption. The market also saw the announcement of major new projects and lease transactions, indicating a shift in corporate real estate strategies and potential future growth.

Key Economic Indicators

East Bay Employment: Increased by 20,000 jobs (1.7%) YOY, reaching nearly 1.2 million.
East Bay Unemployment Rate: Rose to 3.2% (10 bps YOY), still below the national average of 3.6%.
U.S. Unemployment Rate: Declined to 3.6%, showing a broader economic trend.

Market Indicators

Overall Vacancy Rate: Increased to 10.5% in Q2 2019, up 160 bps YOY, driven by the delivery of 2150 Webster Street.
Overall Net Absorption (SF): Grew to 201,200 sf, with 66% concentrated in Oakland CBD.
Under Construction (SF): Decreased to 1.1 million sf, down from 1.7 million sf in Q2 2018.
Average Asking Rent (Full Service): Rose to $3.87 psf, up 10.8% YOY.

Major Trends and Developments

Big Tech Expansion

Credit Karma: Announced a 110,000 sf lease at 1100 Broadway, with 82% preleased. This supports Oakland as a viable alternative to San Francisco for tech companies.
Square: Previously leased 356,000 sf at Uptown Station, which is now fully preleased.

Kaiser Permanente's Thrive Center

Project Overview: Purchased the Eastline site at 2100 Telegraph Avenue, planning to build a 1.6 msf office tower.
Impact: This will be the second-largest corporate campus in the Bay Area and the first new high-rise office in Oakland since 2018. It will also return 1.5 msf of space to the market, easing supply constraints.

Office Deliveries

Uptown Station: Delivered 380,000 sf, fully preleased to Square.
2150 Webster Street: Delivered 244,000 sf, remains unleased, and is the largest block of space in the market.
601 City Center: Expected to deliver 300,000 sf in August, which will overshadow 2150 Webster Street.

Rent Dynamics

Rents have been climbing due to high sale prices in the CBD, especially in Class A properties.
The average asking rent in Oakland CBD reached $4.79 psf, with Class A rents at $4.92 psf.

Submarket Performance

Submarket	Inventory (SF)	Sublet Vacant (SF)	Direct Vacant (SF)	Overall Vacancy Rate	Q2 Net Absorption (SF)	YTD Net Absorption (SF)	Under Construction (SF)	Avg Asking Rent (All Classes)	Avg Asking Rent (Class A)
Richmond	2,684,637	14,875	364,379	14.1%	-26,354	-20,647	0	$2.19	$2.00
West Berkeley	1,283,295	22,451	21,896	3.5%	0	15,735	0	$3.39	N/A
Berkeley CBD	2,517,148	1,873	173,171	7.0%	-3,695	-15,332	0	$3.74	$4.50
Emeryville	4,372,259	176,660	348,106	12.0%	-11,520	105,409	25,000	$3.90	$4.59
Oakland CBD City Center	5,225,224	78,192	434,022	9.8%	-33,336	-110,156	934,500	$4.79	$4.92
Oakland CBD Lake Merritt	7,494,403	70,554	724,792	10.6%	336,270	324,402	0	$5.12	$5.34
Jack London Square	1,738,426	24,292	120,234	8.3%	-25,870	-15,582	0	$3.32	$3.75
Oakland Coliseum	2,055,859	6,343	150,017	7.6%	-14,247	7	0	$1.84	$2.80
Northern Alameda	1,738,047	132,598	316,239	25.8%	-57,971	-90,651	0	$3.50	$3.75
Southern Alameda	1,961,542	0	97,155	5.0%	2,006	43,125	149,100	$2.53	$2.48

Key Lease Transactions

Property	SF	Tenant	Landlord	Transaction Type	Submarket
The Key @ 12th	110k	Credit Karma	Ellis Partners	New Construction	Oakland CBD City Center
2101 Webster	48k	Everlaw, Inc.	Starwood Capital Group	New Lease	Oakland CBD Lake Merritt
The Waterfront	37.5k	Exelixis	Amstar Group	New Lease	Alameda South
601 City Center	27.8k	CRA International, Inc.	The Shorenstein Properties	New Construction	Oakland CBD City Center
Berkeley Way West	27k	Microsoft	UC Regents	New Lease	Berkeley CBD

Key Sale Transactions

Property	SF	Buyer	Seller	Sale Price / $PSF	Market
Marina Village Portfolio	1,011k	DRA Advisors	Brookfield Asset Management	$267,000,000 / $264	North Alameda
1333 Broadway	238k	Swift Real Estate Partners	CIM	$115,000,000 / $482	Oakland CBD City Center
1515 Webster Street	64k	HBO Webster Street LLC	Weinstein Comm’l Investments	$19,250,000 / $253	Oakland CBD City Center

Outlook

The market is expected to continue seeing rising rents and net absorption due to new construction and tenant migrations.
The delivery of large blocks of space, such as 601 City Center, will enhance Oakland's appeal as a corporate campus destination.
The shift of tech companies from San Francisco to Oakland is a significant trend, driven by space availability and cost efficiency.
The Thrive Center project will have a major impact on the Oakland CBD, introducing new supply and potential demand from national-credit tenants.

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