Oakland Multifamily & Mixed Use Recap
May 9th, 2017 / Oakland
Oakland has been slowly edging itself up in the ranks of cool, edgy cities in the Bay Area and experts at the recent Bisnow Multifamily & Mixed-Use event believe it just may have surpassed San Francisco in that regard. Developers are increasingly flocking to Oakland for its abundant opportunities, underscored by a streamlined city approval process and a lack of housing supply.
New high-rise residential towers are beginning to crop up around Oakland due to the ease of project approvals when compared to markets like San Francisco. However, this new wave of towers presents its own set of challenges such as amplified project costs often resulting in higher priced homes than when compared to say a townhome project which can often be done at a fraction of the cost. Polaris Pacific Partner Paul Zeger states that there are more apartments available in Oakland than for-sale properties and points to the fact that there is about a one-month supply of for-sale units creating a climate of low inventory and high demand.
Oakland is gaining critical mass and continuing to transform into a destination where people live and work with convenient access to restaurants, culture and transit. Developers have set their sights on Oakland as mounting prices in San Francisco push buyers eastward.