Uber Technologies has planned to set up their offices in Oakland at Sear building in 2017, has been out of the blue talk for real estate markets. Uber made the official deal announcement on Wednesday 23rd, September 2015 morning, regarding the purchase from Lane Partners of a 330,000 square foot building for an undisclosed amount.
Uber has offices in 300 cities in 60 different countries. Until now, Silicon Valley has been booming hotspot for business parks and investment property. Move of Uber to Oakland, will renovate the vicinity and there are bright opportunities for retail estate markets flourishing here.
Oakland’s Mayor Libby Schaaf is overwhelmed with the Uber’s move and added,
“I am excited to welcome over 2,000 Uber employees and the economic impact they will bring to our community.”
Renee Atwood, Uber Global Head of People and Places, said in the statement.
“We are excited to deepen our roots across the Bay by investing in the revitalization of historic downtown Oakland and to become a permanent part of the fabric of the East Bay community by adding thousands of jobs at our Oakland site,”
Oakland has become an opportunist for development of business at cheaper rates and lesser rent compared to San Francisco. Oakland’s Technology Park will be hub for new market development in the coming era. Oakland Technology Park has been granted property tax abatement status by the city of Auburn Hills.
As a result, it will allow qualified users to seek both real and personal property tax abatements. The Oakland Technology Park offers 100 acres of land for industries ranging from research, life sciences, medical and manufacturing units. In case of Uber, it may be a cumbersome move as they might have been miffed by the same.
For retail markets, this boosts them to finance construction and develop and renovate the properties in Oakland. Companies like 99designs, Fluid and VSCO has already furnished in Oakland in the past year.