CM Commercial represented this sublandlord transaction. Pandora Media Inc. now leases over 200K square feet at the two-building site. This lease is another example of the growing tech transactions in Oakland.
As space in San Francisco becomes increasingly crunched, many companies are turning to its neighbor across the bay for office space.
Although Oakland's average asking rents are on the rise due to demand, it’s still significantly less expensive than the San Francisco, where the average office space rent has jumped to $70 per square foot. The current average asking rent in Oakland is around $51 per square foot.
Companies making the move to Oakland have been attracted by qualities including its three downtown BART stations. A large part of the Bay Area workforce also lives in the East Bay, and Oakland, with a booming dining and arts scene and lower cost of living, in particular has become a hotspot for young workers.
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