If we build it, they will come: Oakland is getting ready for a major growth spurt
February 07, 2019
- Oakland is the East Bay’s major employment hub with a centrally located public transit system that serves a majority of commuters throughout the Bay Area. Most of Downtown Oakland’s anticipated development sites are generally clustered within a 5-10-minute walk of BART stations and/or dense retail and amenities corridors, and also provide opportunities for residential growth.
- Currently there are 10,502 housing units Under Construction/Approved/Planned through 2020, and the City of Oakland plans to add as much as 29,000 units by 2040. From 2010 to 2017, the number of residents in Oakland has grown 8.8 percent, and is forecasted to increase by another 4.6 percent in the next five years. The region remains a highly desirable market for new housing driven by pressures on housing supply, costs of living, and congestion increases in the Greater Bay Area.
- Oakland will continue to see growth as new housing, combined with a growing number of retail, amenities, and office supply, positively change the city’s landscape.
Source: JLL Research, AxioMetrics, The Downtown Oakland Preliminary Draft