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Oakland’s robust office market has had strong growth in recent years. In fact, over two million square feet of office space is now fully entitled for development in the Central Business District, including prime sites along Broadway, Lake Merritt and Downtown City Center.
The Downtown and Jack London Square offers excellent access to transportation and other amenities, including 3 entrance points to BART, ferries at Jack London Square and other transit systems, including the free Downtown B shuttle. Oakland’s Uptown and Old Oakland entertainment districts offer an abundance of restaurants, nightclubs, art galleries and other amenities.
Downtown Oakland is also home to a vast telecommunications network with hundreds of miles of fiber-optic running throughout primary corridors in the Downtown and Jack London Square. This telecommunication infrastructure is a major attraction for global technology companies requiring high bandwidth.
Oakland’s Central Business District and Jack London Square contain nearly 19 million square feet of office space, including 8.7 million square feet of Class A space. Class A vacancy rates have dropped to 4.2% in the Central Business District. Average asking rent is $2.94.
Oakland’s office space is going green. Oakland now boasts over 8 million square feet of LEED rated (U.S. Green Building Council) and/or Energy Star rated (Environmental Protection Agency) office space, including 26 Class A and B commercial buildings. All of the Class A buildings are LEED rated Gold, indicating a high level of sustainable development. In 2010, the City itself passed its Green Building Ordinance, requiring that all future commercial building development receive a minimum LEED certificate of Silver.
A diverse cross-section of clean tech, nonprofits, tech and other sector leases appear to be driving the Oakland market. Sungevity, Gensler, Pandora, Uber, VSCO, the Sierra Club and Sunset magazine have all joined the growing number of companies enjoying the access to high bandwidth – and after-hours entertainment venues – in our Central Business District and Jack London Square.
Developers, investors, and tenants should contact one of our Key Industry specialists for more information, including market knowledge, site identification, demographics, opportunities and introductions to city services and key staff as well as community leaders and resources.
For more information about the Office market, contact Aliza Gallo, firstname.lastname@example.org or (510) 238-7405.