Big Three Cities Stay in Top Spots for Rent Growth

Cal Plaza is a 10-story class-A office tower adjacent to the Walnut Creek BART station.

WALNUT CREEK, CA—Ongoing renovations and/or completed capital improvements totaling nearly $12 million for Cal Plaza in Walnut Creek, 1850 Gateway in San Mateo and 235 Pine in San Francisco, reflect CBRE Global Investors’ optimism and bullish outlook on the Bay Area in general. This positive forecast indicates the Bay Area will continue to be one of the strongest markets in the year ahead.

“Bay Area office markets have been among the best performing in the country. According to CBRE Econometric Advisors, San Francisco, San Jose and Oakland are all top five markets in the country for realized rent growth during this cycle. Looking forward, the outlook for Oakland remains quite strong, with our internal research team forecasting rent growth over the next five years that ranks among the top five office markets nationally,” Ryan Patap, senior associate, CBRE global strategy and research, tells GlobeSt.com. “Long term, the Bay Area will continue to be among the most dynamic office markets in the nation, given its indisputable position as the center of the technology sector globally, as well as a critical center for other knowledge industries such as biotechnology and finance.”