A vibrant five-year outlook for Port of Oakland Commercial Real Estate
Jack London Square neighborhood projects and high occupancy rates to support steady growth
Oakland, Calif. – Aug. 21, 2017: New residential construction and improvements in Jack London Square will drive a record number of visitors to the Square by 2022. That’s the conclusion of a five-year strategic plan released this month by the Port of Oakland’s Commercial Real Estate (CRE) division.
“All of the planned developments and Jack London Square enhancements will create a more vibrant, beautiful waterfront that will draw more people to our properties over the next five years,” said Port of Oakland’s CRE Director, Pamela Kershaw, “We had a record three million visitors to the Square in 2016 and expect to set a new record by 2022, if not before.”
CIM Group, which manages Jack London Square for the Port, plans to construct two, mid-rise residential buildings near the Square. It said it’s also considering a boutique hotel in the Square. CIM said it would be improving Jack London Square public areas with new lighting, signage, and building facades. Initial approvals for all of these projects are in place.
Another major development is underway along the Oakland waterfront and part of it is being constructed on leased Port land. The Brooklyn Basin residential project will connect Oakland to the estuary with public parks, plazas, promenades and a new marina.
The port’s CRE portfolio consists of 850 acres and approximately 100 tenant accounts. Public access and open space makes up three-quarters of the portfolio. The remaining acreage is home to five hotels, retail/entertainment uses, restaurants, warehouses, office buildings, light industrial land and public parking.
About the Port of Oakland
The Port of Oakland oversees the Oakland seaport, Oakland International Airport, and 20 miles of waterfront including Jack London Square. Together with its business partners, the Port supports more than 73,000 jobs in the region and nearly 827,000 jobs across the United States. Connect with the Port of Oakland and Oakland International Airport through Facebook, or with the Port on Twitter, YouTube, and at www.portofoakland.com.
Port of Oakland
email@example.com Marilyn Sandifur
Port of Oakland