Looking Forward: The East Bay CRE Market in 2022 BOMA OEB Advocacy BOMA leaders were busy advocating for our association at the BOMA International Winter Business Meeting & Issues Conference. (See pages 5-7.)
Member Profiles Learn more about Principal Member Tanicia Jackson and Associate Member Mike Herold. (See pages 8 and 9.)
March Mixer
Live networking! (See photos page 11.)
Holiday Merriment BOMA members celebrated live again at the 2021 Holiday Party. (See page 15.)
Although the office market has been “pummeled,” COVID has not destroyed it. That is one of the conclusions from BOMA OEB’s January program, entitled “Looking Forward: The Commercial Real Estate Market in 2022.” Attendees were eager to hear experts share their perspectives on the East Bay office, industrial, retail and life science sectors. New BOMA President Jenna Hattersley greeted an online crowd of more than 80 participants for an outlook on the latest trends in leasing, tenant relations, vacancies and more. For the commercial office market, “the outcome is a little better than expected with a 14% vacancy in the Tri-Valley,” reported Collier’s Executive Vice President Chad Arnold, whose market is the 27 million square-foot Tri-Valley office market (Walnut Creek to San Jose). In addition to Arnold (commercial office market), speakers and their sectors included: Robert “Bob” Ferraro, CBRE (industrial market); Tammy Cho, Goldman Limited (retail market); and Peter Conte, Transwestern (life science market.) Some highlights are below. If you missed the program, you may access the recording and slides in the Online Learning Center of the BOMA OEB website. Tri-Valley Office Vacancy Remains Flat, Uptick in Satellite Offices Arnold noted that market activity in the Tri-Valley improved about 5.4% year-to-year with 240K square feet of new deals in this market. Even with new deals, the market-wide net absorption was negative 128K square feet. Asking rates reportedly went up slightly, especially for Class A office space. Arnold remarked that “a lot of what is driving this is that deals are becoming more expensive.” Due to inflation, build-outs are more costly with higher costs of construction and materials. Arnold is “not bullish” about the office market in 2022. He foresees that it may rebound a little, but companies are nervous and watching what big companies like Google and Apple are doing. (Continued on page 13)
