OAKLAND, CA—Both hiring and leasing activity are ramping up in the Oakland office sector, which is improving fundamentals at existing assets. That is according to a recent report from Marcus & Millichap. “Developers are focused entirely on the other Bay Area markets, which is funneling all new space demand in Oakland into current office inventory.”

According to the firm, this trend should give owners an extended run of strengthening operations as underway construction is also absent and the permitting process within the East Bay is among the most challenging in the country. “Space demand is coming from population-serving office users seeking local footprints.”

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