Big Tech Moves Into Oakland while Construction Pipeline Swells

Cushman & Wakefield Releases Q2 Report for East Bay Oakland Office Market OAKLAND, Calif., July 23, 2019 – Cushman & Wakefield’s research department has released their second quarter 2019 market report for the East Bay Oakland office market. Below are the key findings from this report plus local expert commentary: VACANCY AND OCCUPANCY GROWTH BOTH ON UPSWING Vacancy in the East Bay Oakland office market was 10.5% at mid-year 2019, up modestly from a year ago, largely due to the new delivery of the 244,000-square-foot (sf) 2150 Webster building, that is unleased. Vacancy in the Oakland CBD was 10.3%, its first time above 10% in nearly five years. Keith Reichert, lead research analyst for Cushman & Wakefield’s Oakland office, said, “Despite a modest rise in vacancy, occupancy has increased by a significant 443,600 sf over the past year market wide, with the second quarter of 2019 achieving more than 200,000 [...]

Big Tech Boosts East Bay/Oakland Office Activity in Q4 2018 – Bright Outlook for 2019

Demand Expected to Pace with 2019 Deliveries Variety of New Deals Supporting Growth, Rents Continue Climbing OAKLAND, Calif., February 1, 2019 – The East Bay/Oakland office market received a big boost from “big tech” in the fourth quarter of 2018, according to Cushman & Wakefield’s recent Q4 2018 market report. Mobile payment company Square’s lease for 355,762 sf at Uptown Station, currently under renovation, in Oakland’s CBD Lake Merritt submarket, helped propel leasing activity in the year’s final period. Meanwhile, vacancy returned to single digits to close 2018 at 9.7%. Molly Herrick, Cushman & Wakefield’s Market Director for the East Bay, said, “Leasing activity ramped up in the fourth quarter driven by Square, one of the largest office deals ever in Oakland’s history. The East Bay/Oakland office market achieved more than 1 msf of gross absorption during the quarter which made up 40% of the market’s total 2.5 msf of [...]

TMG Partners Leases 68,000 SQFT to WeWork at 2201 Broadway in Oakland

SAN FRANCISCO/OAKLAND (Oct. 24, 2018) – TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, today announced the firm leased three full floors approximately 68,000 square feet of office space to global co-working behemoth WeWork. WeWork will occupy three floors in two phases with Phase I commencing immediately and Phase II commencing in January 2020. TMG Partners completed extensive renovations to the building, which includes a façade upgrade, blade signage, fully reimagined lobby and common area, amenity upgrades, new roof, and a complete HVAC, elevator and fire life safety modernization. “The iconic Art Deco-designed Breuner Building, now fully restored and renovated, is a very attractive draw for tenants such as WeWork who want an environment that combines true architectural authenticity with modern design and technology,” said TMG Partners Director of Development David Cropper. “With large floor plates and high ceilings, the property is ideally suited for [...]