When people think of the Bay Area, the automatically think San Francisco, the Bay Bridge and Oakland. Things are rapidly changing in this regard. With increasing job growth leading up to 25 percent from 1990 to 2014, according to the California Center for Jobs and the Economy, due to boom in the technology sector, and a rising number of startup ecosystems in the area, Oakland is benefiting from San Francisco’s prosperity. And with 50 percent lower rates, the city has become a hotbed for San Francisco workers who can no longer afford to live in the city. Oakland, has become an alternative location for small business and startups in the area.
This development does not come without its challenges. With a soaring crime rate, and a listing as one of America’s most dangerous cities, there is still a reluctance in the development of housing. Critics believe that the growing demand for housing can trump this. Oakland’s building costs are 30 percent lower than San Francisco, and with a tremendous amount of construction in the area, more than 1,000 residences with affordable housing will increase in the area. One company named Lane Partners is an example of the development parties looking to develop housing properties in Oakland. The project – “ A great hope for Oakland” , offers edgy architecture that is attractive to technology and solar energy companies. This developer hopes to attract high rent in the area could boost overall office space sale. Lane partners has been on the forefront of developing tech space throughout the bay area and Silicon Valley for many years, so it is no surprise that Oakland was in the direction of its expansion.
Oakland’s beauty lies in its positioning as the city as a great regional hub, reachable by air, BART or train, and with less expensive accommodation than San Francisco people can explore the joys of the Bay Area without the security of affordable housing.
As more conversions take place other development companies based in the area also look to Oakland and East Oakland’s waterfront on both sides of the Jack London Square, as a new development prospect. Oakland based Signature Development recently completed an infrastructure known as “The Hive”. The Hive is a mixed use project that transformed a city block of historic structures near the 19th Street Bart Station and retail uses, plus 105 residential units.
Another renaissance it seems, is coming to Oakland. As resident weigh in on the boom in Oakland, it seems that tensions are rising with Oakland natives hoping that the city would not be be exploited commercially like her neighbor next door.
To learn more about the development boom in Oakland, visit this article by the Urban Land Institute