Reduction in Industrial Leasing Activity Tied to Drop in Imports at the Port of Oakland

Imports of Twenty-foot Equivalent Units, known as TEUs, have been falling steadily at the Port of Oakland since the second quarter of 2021, reaching their lowest point in the first quarter of 2023. At the same time, leasing activity in the Oakland market has slowed drastically, with the leasing total failing to reach 3 million square feet for the past five quarters, something not seen since 2008.