#office-market

#office-market

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,

The foreclosure of the 2390 Mission College Boulevard office building is emblematic of ongoing challenges in the Bay Area commercial real estate market.

Buying this 488 South Almaden site is one of the best fiscal decisions the VTA has ever made.

Education has led the way, with four of the five largest leases signed by schools, indicating a significant investment in Brooklyn's office market recovery.