Oakland Retail Market Report
Lower Living Costs Aid Household Counts;
Leasing Activity Returning
Lifted restrictions spark recovery in hard-hit industries. With mask mandates and gathering rules largely recalled, the metro is recording several positive indicators for future performance. The recent employment growth in Oakland has been strongest within the leisure and hospitality segment, with restaurants and gyms being some of the most active space fillers of late. At the same time, a mild construction pipeline that is mostly built-to-suit will nudge expanding businesses into existing properties. Despite national narratives surrounding flight from coastal areas, Oakland has grown its population since the start of COVID-19, and has lifted its household count at a quicker rate than San Francisco or San Jose. As housing costs rise, more people from the other Bay Area metros could move to Oakland, with the cost of living being significantly lower here.