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Space is scarce in San Francisco; Oakland is optimistic

  • ​As San Francisco’s largest developments lease up, such as Facebook’s lease of the entire Park Tower building, space is becoming limited and demand is outpacing supply. Coupled with Prop M limitations on future development, spillover activity could gain more momentum in the East Bay as large-use tenants are forced to look elsewhere. In Oakland, 1.2 million square feet of new or redeveloped space is set to deliver by 2019, including 601 City Center and 1100 Broadway, which are partially leased. Oakland’s future development could potentially include the proposed 2 Kaiser Plaza and 2100 Telegraph, which would add another 1.7 million square feet of new space to the market.

  • Uber’s purchase of Oakland’s Uptown Station in 2015 triggered a renaissance in Uptown and City Center Districts, especially near BART Stations. New restaurants, bars, and housing have opened in recent years, revitalizing the downtown area. Since then, about one million square feet of companies greater than 10,000 square feet have expanded or migrated into the East Bay, primarily to Oakland. Of that, 86.7 percent were San Francisco-based, including Blue Shield and WeWork. Today, 2.1 million square feet of demand is targeting Oakland, of which 45.0 percent are San Francisco-based. 


Source: JLL Research




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