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Alameda County office building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Asking Rent Avg. | |
|---|---|---|---|---|
| Oakland CBD - Total | 28.80% | 32.10% | 11,772,093 | $4.88 |
| Oakland CBD - Class A | 27.60% | 31.40% | 7,528,406 | $5.01 |
| Oakland JLS - Total | 12.40% | 16.50% | 902,771 | $3.58 |
| Oakland JLS - Class A | 2.00% | 2.00% | 283,008 | n/a |
| Alameda - Total | 7.00% | 9.30% | 3,523,942 | $4.57 |
| Alameda - Class A | 11.50% | 16.20% | 1,067,877 | $4.99 |
| Total Oakland Class A | 23.70% | 27.80% | 13,139,425 | $4.80 |
| Total Oakland Market | 19.70% | 22.20% | 29,524,154 | $4.46 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Cities included in this market include Alameda, Berkeley, Emeryville, Oakland CBD, Oakland General, Oakland Jack London Square, Oakland Airport, Richmond, and San Leandro.
Alameda County industrial building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Asking Rent Avg. Mfg. | Asking Rent Avg. Whse. | |
|---|---|---|---|---|---|
| Richmond | 4.50% | 7.40% | 12,394,139 | $1.15 | $1.30 |
| Berkeley | 0.00% | 0.00% | 5,110,233 | $1.50 | $1.75 |
| Emeryville | 0.90% | 3.00% | 2,293,113 | $1.50 | $1.75 |
| Oakland | 3.30% | 3.70% | 35,032,206 | $1.35 | $1.35 |
| Alameda | 2.40% | 2.40% | 4,012,884 | $1.00 | $1.50 |
| San Leandro | 3.10% | 4.60% | 19,744,859 | $1.35 | $1.35 |
| San Lorenzo | 4.80% | 4.80% | 1,104,363 | $1.10 | $1.10 |
| Hayward | 2.10% | 3.30% | 34,255,217 | $1.35 | $1.35 |
| Union City | 0.70% | 1.20% | 12,421,313 | $1.35 | $1.35 |
| Total Manufacturing | 2.30% | 2.70% | 34,097,283 | $1.34 | $1.34 |
| Total Warehouse | 2.70% | 4.00% | 92,264,044 | N/A | N/A |
| Total Industrial Market | 2.60% | 3.70% | 126,361,327 | $1.34 | $1.34 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Alameda County hotel property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| UNITED STATES DATA | Total | Change From 2019 |
|---|---|---|
| Occupancy | 62.70% | -4.90% |
| ADR | $149.00 | 13.6% |
| RevPAR | $93.27 | 8.10% |
Analysis By WPA 2023
Data By STR, TE, February 3, 2023 (Published), As of December 31, 2022
2022 Year End Indicators
* Uneven, non-linear recovery across industry segments.
* Overall construction pipeline activity is down. Some December 2022 growth in construction is seen.
Alameda County Multifamily building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| Total | |
|---|---|
| Vacancy | 5.20% |
| Average Effective Market Rent | $2,610 |
| Y-O-Y Avg. Effective Rent Increase | 2.90% |
| Construction Units Completed (Past 12 Mos.) | 4,111 Units |
| % Increase in Inventory (Past 12 Mos.) | 1.90% |
Analysis By WPA 2023
Data By Marcus & Millichap 2023
The largest cities in Alameda County by population include: Oakland, Fremont, Hayward, Berkeley, Livermore, San Leandro, Pleasanton, Alameda, Union City, Castro Valley, Dublin, and Newark.
Alameda County retail building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking NNN Rent | |
|---|---|---|---|---|
| North Bay | 3.37% | 5.06% | 27,980,368 | $25.55 |
| East Bay | 6.27% | 8.58% | 52,504,697 | $30.56 |
| West Bay | 5.26% | 5.92% | 12,809,448 | $45.79 |
| South Bay | 4.83% | 6.08% | 38,179,947 | $35.91 |
| Total Bay Area Retail Market | 5.14% | 6.85% | 131,474,460 | $32.75 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
The largest cities in Alameda County by population include: Oakland, Fremont, Hayward, Berkeley, Livermore, San Leandro, Pleasanton, Alameda, Union City, Castro Valley, Dublin, and Newark.
Alameda County is bordered by Contra Costa County to the north, San Joaquin County to the east, Santa Clara County to the south and the San Francisco Bay to the west, with San Francisco as a prominent neighbor beyond the Bay. The largest city in the county by population is Oakland. The Hayward fault runs through the county, as well as the Calaveras Fault, which extends through the southeastern part of the county. Alameda ranks as the seventh most populous county in California, according to the 2020 Census.
Vacancy in the Oakland office market is among the highest in California, even before factoring additional availability from subleasing. As of the first quarter of 2023, Class A office vacancy was 23.7%, with total availability reaching 27.8%. Negative absorption in the first quarter reached 368,709 square feet, on total inventory of 35,709,251 square feet, indicating trends of rising vacancy for Class A space.
The overall Oakland office market fared only slightly better at a 19.7% vacancy with total availabilities of 22.2%. For the Oakland CBD, total availability reached a staggering 32.1% availability, and Class A space was on par with 31.4% availabilities.
Richmond boasts limited sublease space, but direct vacancy reached 41.4% vacancy in Class A space. By contrast Emeryville Class A space experienced a slightly lower vacancy of 25.9%, but including sublease the availability reached 31.7%. While less than Richmond, these levels of vacancy and availability in Emeryville are historically high.
The City of Alameda Class A office space reflected a 16.2% availability level. While this appears to be more attractive than the 27.8% overall market availability for Class A space, tenants in this area are faced with access hurdles in comparison with other areas. The City of Alameda is island property, accessed either through the Webster Tunnel from Oakland or via Ferry.
Trends countywide are of vacancy rising to levels rarely seen, and absorption running negative or nearly negative in all sub-markets. Work from home trends, rising interest rates, and economic adjustments are showing their effects.
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Director, Valuation Services
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