70.0 percent of new office developments in Downtown Oakland are now pre-leased
New developments are leasing up quickly, driven by strong demand from new and organic tenants
July 24, 2019
- New developments are leasing up quickly, driven by strong demand from new and organic tenants. Developments are now 70.0 percent pre-leased, with 80.0 percent coming from San Francisco-based tenants.
- Since 2010, nearly 2.0 million square feet of San Francisco tenants migrated or expanded into Downtown Oakland. Access to top talent and connectivity between the cities via BART are primary drivers for decision makers.
- Pre-leasing is expected to pick up for the remaining space in new developments, however upcoming relocations will bring additional large blocks to the market during the next 12-24 months as companies respond to changing workplace strategies, such as reducing the amount of space needs by implementing collaborative workspaces and open floorplans.
Source: JLL Research