Net absorption for the Oakland market in Q4 2020 returned to negative at -87,496 sq. ft. Market wide vacancy rates increased by 30 basis points (bps) quarter-over-quarter, from 9.9% in Q3 2020 to 10.2% in Q4 2020, continuing last quarter’s upward trend. Availability rates also increased by 50 bps quarter-over-quarter from 16.7% in Q3 2020 to 17.2% in Q4 2020. The market wide average asking lease rates have steadily increased in 2019 and reached an all-time high to start 2020. Lease rates have flattened and have not shown any growth at the end of 2020. The market wide vacancy rate increased from 9.9% in Q3 2020 to 10.2% in Q4 2020, while the availability rate increased from 16.7% to 17.2%.