Oakland Reaps Rewards of Pricey San Francisco Office Rents
Expensive office rents in San Francisco continue to force businesses to seek more affordable homes. The city across the bay has become a preferred destination for many of them.
For 2015 alone, more than a dozen major businesses have relocated or plan to relocate to Oakland, including the Sierra Club. One of the nation’s most influential environmental organizations, the company has had its roots in San Francisco for 124 years. Faced with a doubling of rent at its Second Street location, the company will be moving to a new 38.8 SF space at 2808 Webster St in Oakland once its current lease expires.
Perhaps the greatest sign of the changing landscape came last month when Uber Technologies selected the location for its new Bay Area HQ. The ridesharing giant purchased Oakland’s Uptown Station, a 400k SF space (including retail) at 1945 Broadway in Oakland for $123.5M. [SFBT]