OAKLAND - An Oakland tower has been bought in a deal that shows values for East Bay office buildings remain depressed in the wake of waves of loan defaults, property foreclosures and high vacancy levels. That $3.5 million price tag is a stunning one-fourth of the $13.3 million that a real estate firm paid in 2017 for the 1700 Broadway office building, or a 74% decline in the property's value.
After years of assuming hybrid working would permanently shrink their need for desks, bosses are increasingly bringing staff back more regularly. The result is a surge in demand for bigger, modern offices that has caught many firms short. One national consulting executive admitted he had misjudged the future of working life: "In lockdown I had to look into a crystal ball and predict our future ways of working and got it wrong."
Sunnyvale has found the blueprint for creating a prosperous downtown. Officials have figured out how to balance retail, housing and offices in the city's core, even with an aggressive plan to build out nearly 1 million square feet of new office space in downtown. Sunnyvale is confident it will attract employers with its live, work and play downtown formula. District 2 Councilmember Alysa Cisneros, who represents downtown, said she heard concerns about the office space while it was being built,
