Oakland is experiencing an explosion in prices, registering the largest apartment rent increases in major American markets. Buyers have seen the largest rise in home values in the nation. Office rents are growing at the fastest pace in the world.
Despite a past reputation for crime, the city is attracting marquee firms such as Uber, reports Bloomberg. Residents are following—some fleeing soaring prices in San Francisco. Investors such as Blackstone and Boston Properties are capitalizing on growing interest (and growing rents) by investing in residential properties across the city. Blackstone head of real estate Jon Gray has gone so far as calling Oakland “the next Brooklyn.” [Bloomberg]
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