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Bay Area CRE Market Reports

Cap rates, vacancy trends, pricing data, and our personal market commentary across East Bay, Silicon Valley, and Sacramento. Published every quarter. Free to download and subscribe.

Q2 2026 Report

Bay Area CRE Market Update
April 2026

East Bay · Silicon Valley · Sacramento · Published April 2026

Key finding
#3
Bay Area ranked #3 CRE
investment market in North America
East Bay
Multifamily cap rate5.8% ▲
Industrial $/sqft$312 ▲
Retail vacancy6.1%
Office vacancy12.4%
Silicon Valley
Industrial vacancy2.1% ▼
Retail $/sqft$468 ▲
NNN cap rate5.2%
Office vacancy18.2%
Sacramento
NNN cap rate6.1% ▲
Multifamily vacancy5.3%
Retail $/sqft$248 ▲
Land activityHigh
Q2 2026 Commentary — Bilal Salimi

Industrial and multifamily continue to be the strongest performers across all three markets. Office vacancy is elevated but stabilizing in Silicon Valley. For investors with a 5–7 year horizon, Sacramento NNN at 6.1% cap rates represents the most compelling value in our coverage area right now. Financing rates are stabilizing near 6.0–6.5% for industrial and 6.5–7.25% for office — with the $1.8 trillion maturity wall creating motivated sellers and creative capital structures. Buyers have more choice and leverage than they have had in years.

We are actively tracking several off-market multifamily and NNN opportunities in East Bay and Sacramento. If you have specific acquisition criteria, submit them and we will reach out when something matches.

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