- NEWS Desk Global
POTENTIAL PROMISING FUTURE FOR BUSINESS GROWTH, TENANT DEMAND IN EAST BAY
Real estate firm CBRE indicates a potentially optimistic outlook for business growth in Oakland and its surrounding areas.There has been a notable increase in businesses showing interest in leasing space in the region, with tenant demand rising by nearly 30%, marking the highest level observed in five years.
Howard Huang, a market analyst with Avison Young, noted, "While vacancy rates remain high, leasing activity indicates a resurgence in interest from companies in the market." Before the pandemic, the overall vacancy rate hovered around 8%. Presently, office vacancies in the Oakland area stand at over 21%, nearly three times the pre-pandemic rate. However, Huang believes there are indications that a turning point has been reached, suggesting potential improvements on the horizon.