A new story for Oakland

November 19, 2015 admin

UptownStationRenderingDuring the 2014 NFL season, the Oakland Raiders went 3–13. A team that was once dominant hasn’t won a Super Bowl since 1983. That isn’t going to change this year, but they are definitely taking steps in the right direction. The same could be said for the city in which the team plays.

This year has been a year of significant growth for Oakland, Calif. In the third quarter, vacancy rates of class A office properties decreased from 5.8 percent to 3.7 percent and class B office vacancy decreased from 10 percent to 4.4 percent, according to Colliers International’s Oakland Metropolitan Area Office Q3 2015 Research & Forecast Report.

Uber recently began the process of moving its headquarters to Oakland, acquiring a 372,000-square-foot property that is set for completion by 2017. Additionally, Pandora Media added nearly 50,000 square feet onto the firm’s 230,000-square-foot headquarters. Other recent moves into Oakland have included Brown and Tolland Physicians, The Sierra Club and CoreLogic, according to the Colliers report.

With San Francisco rents high and office supply low, it is not surprising that major companies are moving to the city across the bay.

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ZoeWolff119x91Zoë Wolff is a reporter at Institutional Real Estate, Inc.

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