Oakland / East Bay

The San Francisco East Bay is home to more than 2.5 million residents and is the most populous sub-region of the Bay Area. Having a mixed economy of services, manufacturing, and small and large businesses, the region is headquarters to a number of highly notable businesses, including Kaiser Permanente, Chevron, Safeway, Ask.com and Pandora as well as major employers: The University of California, Berkeley and Lawrence Berkeley Laboratory.

Six miles east of San Francisco, Oakland is the 3rd largest city in the State, with the Port of Oakland being the fifth busiest in the United States. Oakland is drawing attention from technology companies and non-profits alike in San Francisco’s competitive office market, as the cost of living and running a business is notably lower than in Silicon Valley or San Francisco.

The technology sector has been a key economic driver in the Bay Area over the past three years, leading to an average annual increase in East Bay population growth of 3.5% and household formation of 3.4%.

The Bay Area has been at the center of the nation's fastest growing job markets, adding 32,000 jobs in the first five months of 2014. Unemployment is at the lowest levels since 2008 (pre-recession). The East Bay jobless rate is below 6%, one of the strongest in the region. Between December 2012 and December 2013, 60,200 new jobs were added in the region, equating to a growth rate of 2.1% ahead of the national job growth of 1.8%. The technology sector has been a key economic driver in the Bay Area over the past three years, leading to an average annual increase in East Bay population growth of 3.5% and household formation of 3.4%.

These increases, along with the high cost of living in San Francisco, have been the catalyst for strong housing demand in Oakland.

Top 5 Best Market to Sell a Home
CNN Money
One of America's Coolest Cities
Forbes
Ranked #5 Most Desirable Destination
The New York Times
5th Ranked City for Tech Entrepreneurs
Wealth Magazine

Economy

Oakland benefits from one of the most diverse economies in the world and is recognized for its biotechnology, healthcare, and education sectors. The Oakland Metropolitan Area has a large commercial footprint with a total of 26.3 million square feet of office space in the Oakland CBD, Emeryville, Berkeley, and Alameda.

Healthcare, Technology and biotechnology companies have helped to establish the area as a leading economic growth center, with the city of Oakland being home to several major corporations including Kaiser Permanente and Clorox, as well as the corporate headquarters for national brands such as Dreyer's ice cream, and retailer Cost Plus World Markets. Tech companies Pandora, Ask.com, Sungevity are also located here. Oakland is well-positioned for long-term economic job growth, due to its high quality of life, access to mass transit, and proximity to San Francisco and Silicon Valley.


Oakland: A Technology Startup Hub
According to the National Venture capital Association (NVCA), Oakland is ranked among the most attractive cities in the United States for technology startups. Oakland-based companies have received significant funding compared to companies in the rest of the country.

The Port of Oakland
The Port of Oakland is the third largest container port in the Western US and the fifth largest port in the United States. A unique combination of public/private endeavors, it encompasses a world-class container port, Oakland International Airport, an array of retail and commercial buildings and acres of recreational and open space. 465 skilled professionals work at the Port, and thousands more jobs are generated for local residents and businesses.

Leader in Higher Education
The Bay Area is home to many top colleges and universities. This abundance of world class higher education institutions is a key factor in ensuring that the Bay Area will continue to innovate and thrive in the years ahead.

Oakland benefits from its close proximity to the University of California, Berkeley, one of the region’s top universities and Alameda County’s largest employer. National rankings consistently place Berkeley’s undergraduate and graduate programs among the very best in a variety of disciplines. Other colleges nearby include Cal State East Bay, Mills College, and Samuel Merritt University.

Established Healthcare and Medical Industry
Oakland's healthcare and medical industry is long established and thriving. Four major hospitals in Oakland have large projects that are either finished and opened, or are under way in 2014, with a combined cost of an estimated $3 Billion dollars.

Neighborhoods

Lake Merritt

The Lake Merritt District is Downtown’s premier urban high-rise office area consisting of 4 Million square feet of Class A office space, residential buildings, retail stores, restaurants and immediate access to local and regional public transit. Located along the northwestern edge of Lake Merritt, this provides a truly unique office and residential environment.

The boom around Lake Merritt is due both to the City’s multi-million dollar clean-up to the 155 acre lake, and an influx of 20-35 year old young adults moving from San Francisco because of higher rents.

City Center

Among the largest assemblages of green office buildings in the Bay Area and serving more than 50,000 people daily, City Center is a popular destination for work and entertainment alike. Its landscaped walkways, picturesque fountains, stately office towers, friendly shops, popular lunch spots and year-round noontime concerts contribute to its bustling energy. BART’s 12th Street station main entrance, which has in excess of 12,000 riders exit every weekday, opens directly onto City Center’s broad plaza. The Marriott City Center and Oakland Convention Center, are located nearby.

Brooklyn Basin

Brooklyn Basin is an area of abandoned warehouses and manufacturing lands which are being transformed into a sustainable urban mixed-use master-planned community on the Oakland Estuary. The plan envisions development of 3,100 residential units, 200,000 square feet of retail and commercial, 30 acres of parks, public trails and open space plus new marinas and renewed wetlands. Multiple transit connections and Shoreline improvement and wetlands restoration will be completed.

Uptown

Uptown is one of the fastest growing neighborhoods in Oakland, and raved as one of America’s “Hippest Hipster Neighborhoods” in 2012 according to Forbes. The City is actively working to redevelop Uptown as a technology center, retail, arts & entertainment and residential district. Working from existing anchors such as Signature Properties development called “The Hive”, the Oakland Ice Center, the renovated Fox Oakland Theater and the famed Paramount Theater, is home to combined new arts, theater, restaurants, cafés, bookstores, housing and retail in an urban setting with the area’s magnificent art deco facades providing the backdrop. In addition, a prominent developer, Lane Partners, is converting the 360,000 square foot Sears Building to a technology hub called Uptown Station. Uptown is ground zero for Oakland’s thriving dining scene that has captured the attention of national publications including the New York Times and Wall Street Journal. The monthly Art Murmur draws thousands of revelers to galleries, restaurants and venues every First Friday evening. Uptowns 19th Street BART station sees more than 9,500 daily riders every weekday.

Jack London Square

Jack London Square has made its way from a sleepy waterfront location to a bustling hotspot, sprinkeled with hip restaurants, nightlife and shopping. Named after Oakland’s famous literary son, Jack London Square offers dining, lodging and shopping along the water’s edge. Attracting millions of visitors annually the Square boasts incredible views of San Francisco Bay, is home to the famed Yoshi’s World-Class Jazz House and hosts public events year round. It houses the headquarters for the Port of Oakland, the nation’s fifth largest seaport. New development, including the Jack London Market, will enhance the Square with additional dining, retail and office space plus improved shoreline access. The 50,000 square foot restaurant “Plank” will open its doors in the former Barnes & Noble bookstore featuring an outdoor beer garden, a 12-lane bowling alley, bocce ball and state-of-the-art arcade games.

The adjacent Loft District, peppered with converted brick warehouses and new condo construction, has become a vibrant residential area. Nearby, the Ironworks District has renovated industrial properties that house Cost Plus World Market and Bed Bath & Beyond. Other major mixed-use development in the area will include retail, entertainment and housing. It is home to the Clean Tech company Sungevity.

Chinatown

This 25-block commercial and cultural district is the nation’s fourth largest Chinatown community and a haven for Oakland’s diverse Asian community. People from all over the Bay Area flock to its specialty shops, restaurants, markets, bakeries and attractions. The Oakland Asian Cultural Center is one of the largest Pan-Asian cultural centers in the country. The annual Chinatown Street fest attracts 100,000 festival-goers and the Lunar New Year Bazar is a favorite of both locals and visitors. Throughout Oakland’s history, Chinatown has maintained one of the strongest local economies in the city. Victorian homes and older commercial buildings blend with the late 20th century residential towers. Chinatown is steps away from Lake Merritt BART station which serves 5,500 weekday riders. The Lake Merritt Station Area Plan specific plans call for major transit-oriented development offering additional retail, office and housing opportunities.

Old Oakland

Old Oakland is the Downtown’s key historical centerpiece, offering cafes and restaurants, art galleries and shops. Strategically located between the Oakland Convention Center, Chinatown and Jack London Square, this neighborhood maintains the downtown’s most prominent urban architecture, dating from the 1870’s and restored in the 1980’s, and is still a vibrant neighborhood today, with attractive Victorian buildings, trendy bistros, restaurants, bars and shops, with a 94 Walk Score.

Swan’s Market, a thriving farmer’s market, houses several unique retail users, including Museum of Children’s Art (MOCHA), restaurants, and 38 residential units. This award-winning development is an excellent example of the benefits adaptive re-use holds for downtown revitalization.

Employers

Proximity to Major Bay Area Employment Centers

Download Employers Map

Transportation

Oakland’s proximity to an extensive network of major freeways, air, and rail options provide its business community with easy access throughout the Bay Area and beyond.

W12 is located less than half a mile from Interstates 880 and 80, and three miles from the Bay Bridge. The 12th Street/City Center and Lake Merritt BART stations are both within walking distance of the Property.


Superior Freeway Access

San Francisco - Oakland Bay Bridge - 3 Miles
Carrrying about 270,000 vehicles per day, the Bay Bridge is one of the longest spans in the United States and the direct road between San Francisco and Oakland. In 2013 a newly constructed Eastern span cost 6.4 billion dollars and is estimated to withstand a major earthquake.

Walk to Bart

12th Street/City Center Station
2 blocks from W12, 12th Street Oakland City Center Station is one of BART’s most active stations and serves as an essential feeder into downtown Oakland. The station is located in the heart of Downtown Oakland, near, City Center, historic Old Oakland and Oakland’s Chinatown.

Lake Merritt Station
5 blocks from W12, Lake Merritt Station is near Laney College, Henry Kaiser Convention Center and the Oakland Museum. Along the Fremont line, the station provides easy access for thousands traveling to San Francisco and the Oakland Airport and Oakland Coliseum.

BART Map


Amtrack

Jack London Square Amtrak | 0.9 miles from 1640 Broadway
The Jack London Square Amtrak rail station connects residents to destinations across California. The Amtrak Corridors in California are among the busiest in the system. The Capitol Corridor (San Jose-Oakland-Sacramento-Auburn) provides up to 32 daily trains and San Joaquin (Bakersfield-Oakland/Sacramento) lines are the third and sixth busiest in the country. They offer direct connections to BART, as well as connections at the Richmond and Oakland Coliseum Stations.

Airports

Oakland’s centralized location allows easy access and short commutes to the Bay Area’s three international airports: Oakland International Airport (OAK), San Francisco International Airport (SFO), and San Jose Mineta International Airport (SJC).

Oakland International Airport | 8 miles, 12 minutes
OAK offers 12 major domestic and international airlines and provides travel to over 30 destinations in the U.S. As a major passenger airport, OAK serves as the North American west coast hub for FedEx and is ranked the twelfth largest cargo airport in the U.S. OAK provided $6.5 billion in annual revenue and creates over 14,000 jobs in the Bay Area.

San Francisco International Airport | 22 miles, 31 minutes
SFO offers non-stop links to more than 35 international points on 32 international carriers. The Bay Area’s largest airport connects to non-stop with 69 cities in the U.S. on 20 domestic airlines. In 2011, SFO opened Terminal 2, the nation’s first airport terminal to achieve LEED Gold certification. SFO was voted “Best Airport in the Americas” in 2012 by passengers for its modern and efficient facilities and its multi-modal transportation systems.

Mineta San Jose International Airport | 40 miles, 43 minutes
SJC is served by 20 domestic and international carriers to 30 nonstop destinations. Nearly 9 million passengers travelled through San Jose in 2012. The airport is located in San Jose, the third largest city in California, and the 10th largest city in the nation.

Market Analysis

San Francisco Bay Area
The Bay Area continues to attract capital investment from around the world, fostering one of the strongest economies in the country - making the Bay Area one of the tightest markets for multi-family investments in the nation. As vacancy in the Bay Area sits at a low 3.8% this quarter, competition for housing should keep rental rates on the upswing, which grew over 10% over the past year. Despite over new 10,000 units over the past year, average asking rent in the Bay Area now sits at $2,158 in the second quarter of 2014.

Oakland/East Bay
While San Francisco’s astronomical rental rates are head-to-head with Manhattan’s for highest in the nation, Oakland’s vacancy of 3.1% is actually lower than that of San Francisco and Silicon Valley. This recordlow vacancy rate is expected to further decrease over the course of 2014, as fewer new units are coming on the market than other parts of the Bay Area. As East Bay rental rates grow faster than the rest of the Bay Area, the pricing gap between Oakland and San Francisco will continue to shrink. With average asking rates in Alameda County at $1,928, that gap is roughly $1300 per month. Oakland’s robust local economy and housing market will continue to appeal to investors and developers looking to capitalize on the Bay Area’s next hot market.

Demographics
Current and projected demographic characteristics demonstrate the robust demand for multi-family housing in the Oakland submarket.

  • The population of Oakland residents age 25-34 account for over 17% of the local population, as compared to 14% and 13% for Alameda County and California, repectively.
  • Oakland renters account for approximately 59% of households compared to renters in Alameda County at 47%, and 44% for California.
  • Oakland ranks in the top 20 of American cities in median household income of $51,863 in 2012


Oakland Ranked Among the Top Three Apartment Markets in Annual Rent Growth
MPF Research
In Q2 2014 Median Home Price in Oakland Increased 29.3% Compared to Prior Year
Polaris Pacific
The Average Days On Market - 26, a 16% Decrease Days
Polaris Pacific
In Q1 2014 Oakland had an average rental rate of $2,187, up 12.3 percent
RealFacts