A Changing Skyline
The East Bay’s office market remains very tight, thanks to continued economic growth throughout the region. In particular, unemployment for the Oakland Metropolitan Area dropped further, settling at 3.2 percent, denoting one of the lowest in the country. Per Moody’s economic assessment, the East Bay is showing “late expansion” indicators in regard to its current business cycle, specifically strengthened by a growing qualified workforce as the technology and life science sectors escape from higher cost regions into more cost effective East Bay locations. Continued growth among companies already established in the area is also fueling demand. Offering both convenience amenities and favorable mass transit options, the East Bay delivers a high quality solution to employers wishing to attract and retain workers. The economic growth evident in the East Bay is indicative of the broader results seen nationwide. Nationally the economy continues to add 200,000 non-farm payroll jobs per month, Gross Domestic Product continues to climb robustly and capital markets post record highs due to strong corporate earnings. Economic growth for all of 2018 should be the strongest in years.
Have future reports delivered directly to your inbox - click here to subscribe to this and other regional e-mail delivery lists.