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OAKLAND, CA—While tenant tour activity in Oakland continued to escalate during the last quarter of the year, Emeryville grabbed the lime light. LBA sold the Towers, a three building, 815,000-square-foot portfolio to KBS for over $305 per square foot. The deal put an exclamation point on a very active year of large class A trades which started with CBRE closing out the sale of City Center in Oakland and included the Beacon Capital sale of 1999 Harrison
Street to Divco. So says a recent report from Colliers International.
All of this, the firm says, underscores a pervasive optimism in the market that rents will continue to grow over the next several years.
According to Colliers International, 2015 will be a pivotal year for Downtown Oakland. A new mayor, a dynamic residential market and a vibrant office market will put Oakland at the forefront of the East Bay sub-markets. 1945 Broadway will play an important role in Oakland's evolution as the former Sears Department store is transformed into a 360,000 square foot mixed-use retail and creative office destination located in the heart of Oakland's Uptown market, the firm says.
And according to a recent report from JLL, leasing activity increased 5.3% in 2014 in the Oakland CBD. Emeryville was the second most active submarket with a 3.5% increase in 2014, the firm says.
The overall volume of 1.9 million square feet leased in 2014 in the Oakland-metro is above the 1.8 million square feet leased in 2013, says a JLL report. In Oakland-CBD the largest leases were Pandora's expansion at Center Twenty-One, Ask.com's expansion at 555 City Center and the WCRIB relocation to 1221 City Center all for a total of 125,000 square feet.
In Emeryville, the largest lease signings in 2014 included Refactored Materials' relocation to EmeryStation, UCSF's expansion at Bay Center and EpicCare's new lease at Hollis Business Center, JLL adds.
Check out the graph below for more.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
