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Oakland Economic Dashboard Q4 2015

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Quarterly Economic Dashboard Q4 2015 October-December

Employment

Unemployment Rate

5.5%

Employment

Last Year: 8.4%

200,000

Labor Force

211,633

Last Year: 189,233

Last Year: 206,633

Quarterly City Revenues

Sales Tax

Real Estate Transfer Tax

TOT Tax (Hotels)

$11,641,403 (Q3 2015)

Real Estate Transfer Taxes and Transient Occupancy Taxes, which are based on hotel occupancy,  have been rising overall for the last few years. Sales taxes are also on the rise, but were strongly impacted in 2014 by the low cost of fuel. Due to the time needed for state collection and analysis, sales tax reporting always lags one quarter and is reported here for Q3 2015. Other City Revenues, such as Business and Property Tax, are reported annually.

$22,521,614.03

,

,

,

,

Sources: City of Oakland Revenue Department, HdL Companies

$5,006,323

Residential Real Estate

Commercial Real Estate

Building Permits

Development Pipeline

Industrial Vacancy: 2.6% Rent/square foot: $9.18

East Bay: 5.2%, $9.65

Retail Vacancy: 2.5% Rent/square foot: $22.88

East Bay: 3.4%, $23.22

Office Average Rents/Square Foot

Zillow Rent Index-- All Homes

Median Single Family Home Price

$63.48 (SF)

$27.43 (OAK)

$26.83 (East Bay)

Office Vacancy Rates

9.1%

7.5%

7.5% (SF)

Units in pipeline are approved, under review or in pre-application discussion with the Planning Department.

Housing:  16,458 units in pipeline 1,317 units under construction or recently completed

Commercial:  3.5 Million sf in pipeline 681,000 sf under construction*

H

1

C

20

Sources:HdL Companies, Zillow, CoStar Market Analystics, City of Oakland Planning & Building Department. Dashboard Compiled by Economic and Workforce Development Department. Contact: [email protected]

Housing

Commercial

Office Vacancy: 7.5% Rent/square foot: $ 25.15

East Bay: 9.1%, $26.28

*Per 2015 Major Projects List