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Class A and B rent gap narrowing as owners revamp historical “B” buildings

  • ​Historic buildings in Downtown Oakland have always been appealing in the eyes of the locals. In efforts of preserving history, owners in recent years have been refurbishing historic office buildings around the CBD into attractive, trendy office space. Uptown Station (the former Sears Building) and 2201 Broadway (the former Breuner Furniture building) are among the historic assets that are currently undergoing renovations. 
  • Class B rents have nearly tripled since 2012 and current asking rates in some buildings are on par with select Class A assets. As of Q3 2017, the rent gap narrowed down to just 2.5 percent, when historically the rent gap reached as wide as 35.0 percent. Rent growth in the Class B market is primarily driven by modern renovations in several Class B buildings.​

Source: JLL Research, Axiometrics, U.S. Census Bureau, 2016​

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