OAKLAND — Office vacancy levels are rising in the Oakland area, but rents are also on the uptick as the real estate market confronts uncertainties over a wobbly economy, high prices and rising interest rates.
The Oakland-area office vacancy rate was 18.6% during the October-through-December fourth quarter of 2022, according to a new report from CBRE, a commercial real estate firm.
The latest vacancy rate was up from a 17.4% level in the July-through-September third period. The Oakland area includes downtown Oakland, Oakland’s Jack London Square district, the Oakland airport area, Berkeley, Emeryville, Richmond and San Leandro.
Downtown Oakland endured the region’s highest office vacancy rate in the fourth quarter of