OAKLAND, CA—During the third quarter, companies moved into or expanded in Oakland by more than 592,000 square feet of office and retail space. The most notable moves were made by UBER, Brown & Toland, the Sierra Club and Union Bank.
Deborah Boyer, president, Lake Merritt/Uptown Association, tells GlobeSt.com: "The third quarter might be looked back on as a watershed moment for Oakland's economic growth because of announcements by UBER and California Institute of Regenerative Medicine. But the underlying trend has been building for years. The uptown and downtown districts continue to experience strong business in-migration and expansion and the steady utilization of more commercial space by a variety of great companies."
According to a compilation provided by real estate brokers to the Lake Merritt/Uptown and Downtown Oakland community benefit districts, some of the most significant transactions were:
· UBER, the ride-on-demand giant, purchased the 1945 Broadway building, capturing 381,622 square feet of prime space for expansion purposes.
· Brown & Toland signed a 59,514-square-foot medical office lease at 1221 Broadway.
· Sierra Club, an environmental club, signed a 38,776-square-foot lease at 2101 Webster.
· Union Bank signed a 37,244-square-foot lease at 1221 Broadway.
· Corelogic, a property information, analytics and data-enabled services provider, signed a 23,842-square-foot lease at 555 12th St.
· California Institute of Regenerative Medicine, a stem cell agency, signed a 17,097-square-foot lease at 1999 Harrison St.
· Fluid, a digital shopping software firm, signed a lease for 16,004 square feet at 1611 Telegraph Ave.
· SPUR, a leading civic planning organization, signed a 6,000-square-foot ground floor and 1,500 square foot mezzanine lease at 1544 Broadway.
· The Punchdown, a natural wine bar and bottle shop, signed a 1,600-square-foot lease at 1737 Broadway.
· Itani Ramen, a gourmet ramen shop, signed a 2,000-square-foot lease at 1736 Telegraph Ave.
· Cape Cowl Comics, a comic store, signed a lease for 1,400 square feet at 1601 Clay St.
· Left Coast Power Yoga, a yoga studio, signed a lease at 563 16th St. for 1,300 square feet.
· Additional leases are anticipated to be signed on Broadway.
"The creativity with which Oakland businesses have embraced and developed new business concepts and services has gone beyond anyone's expectations and is having a major positive impact on the health of our commercial real estate market. As this list of leases demonstrates, jobs are growing in our office towers, within street level retail and off Broadway both north and south," said Steve Snider, Lake Merritt/Uptown and Downtown Oakland district manager.
As previously reported, numerous projects are sprouting up around Oakland.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
