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Market Report

Oakland Multifamily Investment Forecast

2020 Outlook

Blossoming Tech Scene Breathing More Life Into Oakland; Downtown Seeing Benefits

Tech firms like Square setting stage to boost Oakland/East Bay presence.Apartment availability in the East Bay remains tight, staying near 4 percent as sustained job creation in the urban core drives marketwide rental demand. Mobile payment processor Square recently moved into a 356,000-square-foot building in downtown Oakland with the capacity to hold 2,000 employees, putting even more pressure on the area’s already-tight apartment vacancy rate. This move could spur more relocations to Oakland as companies seek lower business costs in a market with high growth potential. Additional employment growth is supported by increased venture capital investment into Oakland-based startups, providing these firms with more power to expand and create opportunities for job seekers. To account for the expected pool of new jobs, developers are elevating their interest in the East Bay as 4,600 units are on tap for 2020, the highest annual total this millennium. Much of the focus will be on the urban core, where a variety of 200-plus-unit complexes are on track for finalization, although neighborhoods around the University of California, Berkeley will also witness substantial construction activity.

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