High Rents Not Slowing Bay Area Office, R&D Markets

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[contextly_sidebar id=”960c5d371fd1b5b0b6348c28287ff512″]Vacancy rates for office space in the Oakland Metropolitan area were down in the third quarter of 2013, and Colliers projects that it will be down again during the same period next year. And average asking rent for full service rentals across all product types ticked up above $2.05 per square foot from Q2 to Q3 this year.

Going forward, the residential market will shape the market for office space in the East Bay. “Thinking about the evolution of the suburban mall and the growth of East Contra Costa County, a lot of that was driven by the housing market,” Lagomarsino explained. “A lot of the jobs followed the rooftops, there was a bit of a slingshot effect there. I think that future job growth in the Bay Area is going to be in urban centers.”

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