City Center Stays Strong for Shorenstein

OAKLAND, CA-With several recent new and renewal lease deals Shorenstein is keeping vacancy low at its mixed-use multi-tower Oakland City Center development. Well located across from a Marriott Hotel and the Oakland Convention Center and directly above the 12th Street BART station, the development includes more than 3.5 million square feet of office space, 18 restaurants and food outlets, a dozen retail shops and services, an athletic club and parking for 2,840 vehicles.

With asking rates between $32- and $38 per square-foot per year, two of the development’s five buildings are 97% leased (505 14th and 555 12th), City Square is 95% leased, 1111 Broadway is 94% leased and 1300 Clay is 91% leased. Shorenstein’s leader John Dolby tells GlobeSt.com that Oakland sometimes fares better than most other Bay Area locations in times of trouble.

“Most companies here are conservative, not boom and bust,” he says. “Sometimes in downturns Oakland kind of does well because it is the low-cost alternative in the Bay Area.”