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2021 Q1 Oakland Industrial Market Research Report

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Tighter Market Conditions

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The overall industrial vacancy rate in the Oakland I-80 / I-880 corridor remained flat in the first quarter of 2021 at 3.7 percent. Demand for warehouse/distribution product is thriving as the e-commerce industry continues its extraordinary growth. Gross absorption was 1,742,623 square feet in the first quarter, the largest quarterly total in a year. The combined average asking rent for industrial and warehouse properties is $0.94 per square foot per month triple net (NNN) and for R&D/Flex properties it is $1.87 per square foot NNN.

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2021 Q1 Oakland Industrial Market Research Report

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Related Experts

Randy Dixon

Regional Managing Director

Sacramento

Since joining Colliers in July 2010, Randy has put his priorities in building a team of leading market experts for each discipline and combining them with market leading support services and strong next generation brokers, that brokers can leverage to improve their business success.  He has successfully transitioned the culture of the brokers from a silo centric office of teams that work independently to a group that collaborates and leverages the expertise of those around them to improve their business success.  He has been committed to creating an environment where Colliers is giving back to the community and enjoying a fun place to work.

In 2019, Randy expanded his role to include oversight and leadership of the Reno office, and at the beginning of 2022 he has taken on the leadership role for the Puget Sound Seattle and Bellevue offices.  His priority for each of these offices continue to be to build the best culture and resources in the marketplace, and recruit a complement of brokers who add value to the team that others can leverage  to  improve their business success.

Prior to joining Colliers in July 2010, Randy was 22 years experience in Commercial Real Estate with Hines, a privately owned, international real estate firm that has provided the highest level of quality, service and value to its clients and investors.  Randy most recently was responsible for Asset Management services for the 39 properties totaling 3.5 million square feet as well as New Business for the Sacramento area.  Over his tenure with Hines he has worked in Seattle, San Francisco, Los Angeles and San Diego in building successful teams and providing oversight to Asset, Leasing, Property, Facilities and Construction Management services. 

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Chet Barney

Senior Vice President

Oakland

I specialize in the sale and leasing of industrial properties in the San Francisco East Bay Area, including San Leandro, Hayward and Union City.  As an industrial broker, my first priority is to thoroughly understand my client’s business requirements and concerns.  A careful understanding of these concerns combined with my experience and knowledge of the market makes it possible to deliver creative, unexpected solutions even in the face of the current unprecedented demand for space. 

Over 26 years, my accrued transactions have exceeded 6 million square feet for clients such as ABC Roofing, Ikon Office Solutions, Mercury Marine Corporation, Riddell/All American Sports Corporation, Sugar Bowl Bakery, Dal-Tile, Inc., Wells Fargo Bank Real Estate & Specialty Assets, and Performance Contracting, Inc.  I have worked extensively along the I-880 corridor with packaged and palletized food distribution companies to address their warehousing and distribution requirements, including the manufacturing process and cold storage. In addition, I have represented numerous Asian food companies with their Bay Area warehousing needs.

Whether representing a landlord or tenant, my intention is to be responsive, reliable and detail-oriented every step of the way.  My goal is to take the real estate burden off my clients so they can focus on effectively operating their businesses.  I value the client relationships I have developed over so many years and get real satisfaction seeing my clients set up for continued growth and success.

When I am not working I enjoy reading, running and surfing.  I live in Oakland with my wife Tracy and have four children.

 

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Greig Lagomarsino

Vice Chair

Oakland

As Vice Chairman in Colliers’ Oakland office, my brokerage practice specializes in the sales and leasing of industrial products along the I-880 & I-80 corridors as well as the Central Valley, primarily at the institutional and corporate level.

Having worked in the industrial sector for 30 years, I have been involved in more than $6 billion in real estate transactions, and I believe the breadth of my experience serves my clients in valuable ways.  I work diligently to bring a level of excellence and responsiveness to every aspect of my brokerage service.   I deeply value the long-standing client relationships I have developed over the years in the business, and get great satisfaction from being included as a valuable contributor to their team.

This is a dynamic and interesting time for Bay Area industrial real estate.  The emerging e-commerce industry and the level of demand for space has transformed the landscape of the business.  As the Oakland Industrial Team leader, I often collaborate with many exceptional colleagues here in Northern California as well as in other national organizations such as The Society of Industrial and Office Realtors (SIOR) and our National Logistics and Transportation Group.

Prior to joining Colliers in 1998, I worked at Cushman and Wakefield in Oakland.  In my free time, I enjoy golf, travel, yoga, swimming, and spending time with family and friends.  I am happy to support a number of important non-profit organizations including Aim High, Northern Lights School, U.C. Berkeley, and The First Tee of the East Bay.

 

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