Hayward, CA Economic Overview
Hayward is located in Alameda County in the San Francisco East Bay region, between Castro Valley and Union City. With direct access to San Mateo via State Route 92, the city is home to over 152,000 residents. The commercial real estate market in Hayward is driven by its proximity to both Oakland, San Jose, and San Francisco, along with its central location within the East Bay, which places it in the center of a major business and transportation hub.
With a median household income of over $65,000/year and an unemployment rate of just 6.6% the economy in Hayward continues to grow and attract both business and residents. Over the past year alone, household income in Hayward has increased by nearly 4%, while the number of employees in Hayward has increased by nearly 4.5% to over 73,000 workers.
Hayward, CA Commercial Real Estate Market
The East Bay Region of San Francisco includes many of the country's most commuter-friendly and logistics-friendly locations. As part of this region, Hayward's commercial real estate market benefits from its access to the Bay Area's interstate freeway network, heavy rail commuter systems, and direct access to the Oakland International Airport.
The economic development planning in Hayward lays the groundwork for targeted business attraction and development of key catalyst and opportunity sites in Hayward. The area attracts over $1 billion in venture capital annually, with investment focus on the bio-technology, medical sciences, alternative energy, and semiconductor industries.
Hayward is proactively leveraging these investment dollars by targeting strategic areas for development. Some of the major development projects in Hayward include:
- Lincoln Landing, an 80,500-square-foot mixed-use residential and retail project, with over 475 living spaces planned.;
- Maple & Main, a 55,000-square-foot mixed-use project of retail, medical offices, and 235 residential units ranging from studio apartments to three-bedroom dwellings.;
- Southland Mall Cinema, a 36,600-square-foot addition to the 1.4-million-square-foot Southland Mall shopping center in Hayward, the largest shopping center in the East Bay of San Francisco.;
- Mission Village, a 145,000-square-foot mixed-use retail and residential project consisting of 72 housing dwellings and 8,000 square feet of retail space.;
- 808 A Street, a mixed-use project consisting of nearly 6,000 square feet of retail space and 60 senior apartments & Mission Seniors, a 395,000-square-foot 200 senior living project located on the corner of Mission Boulevard and Overhill Court.;
- Shea Industrial on Marina Drive, a nearly 275,000-square-foot industrial project & Steelwave Industrial Park, an over 93,000-square-foot industrial project located on Industrial Boulevard in Hayward.
There are a large number of manufacturing companies in Hayward, many with corporate headquarters located in the city. Hayward is often times thought of as a northern extension of Silicon Valley to the south, due to the number of high-technology companies in Hayward.
Due to the diversity of commercial development in Hayward, all asset classes are seeing nearly unprecedented demand from both investors and tenants. Over the past year alone, asking prices for properties in the Hayward office market have increased over 14%, prices for industrial space in Hayward have increased by 15%, asking prices for retail inventory in the city have increased by nearly 5%, and prices for multifamily property in the region have increased an unbelievable 60% year-over-year.
Employment in Hayward, CA
Job growth in Hayward has increased by nearly 4.5%, with over 3,000 jobs added over the past year alone. While the mean household income in Hayward is over $77,400/year, nearly 25% of the households in the city earn more than $100,000 each year. Over 39% of the labor force in Hayward works in management, administration, sales, and production.
Major employers in Hayward include manufacturing companies such as Annabelle Candy, Columbus Salame, the Gillig Bus Company, Impax Laboratories, PepsiCo, and Shasta. Other companies in Hayward with a large number of workers include Berkeley Farms, Alameda Newspaper Group, Morgan Advanced Ceramics, Kaiser Permanente Medical Center, AT&T, Hayward Unified School District, Cal State University East Bay, and the City of Hayward.
Education in Hayward, CA
Public schools in Hayward are operated by the Hayward Unified School District, the New Haven Unified School District, and the San Lorenzo Unified School District, with numerous elementary and middle schools, and three high schools. There are several alternative and private schools in Hayward, including the Eden Area Regional Occupational Program, the #2 in the State of California Leadership Public Schools - Hayward charter school, and the Bill and Melinda Gates Foundation' Impact Academy of Arts and Technology.
California State University - East Bay has its main campus in Hayward, and the city is also home to Chabot College, a community college that is part of the Chabot-Las Positas Community College District.
Because of its proximity to the metropolitan areas of Oakland and San Francisco, students in Hayward also have wide access to the universities and colleges of the entire Bay Area, including ITT Technical Institute in Oakland, Heald College in Hayward, Mills College, Holy Names University, California College of the Arts, University of California at Berkeley, and Academy of Art University in San Francisco.
Commuting Time in Hayward, CA
The average commuting time in Hayward is over 30 minutes, about 20% longer than the national average. In addition, over 2% of the workforce has a super commute of 90 minutes or more, with 12% of the work week commuters choosing to carpool and nearly 9% using some form of public mass transit.
- The I-880 Nimitz Freeway, State Route 92 Jackson Street and west via the San Mateo-Hayward Bridge, and State Route 238 Mission Boulevard/Foothill Boulevard all provide access from Hayward to the East Bay Region.;
- BART, the Bay Area Rapid Transit system, has two stations in Hayward, one in Downtown and the other in South Hayward near the border with Union City.;
- AC Transit provides public bus service within the city.;
- Amtrak provides commuter rail service from Hayward to San Jose in the South Bay, and to the Greater Sacramento area.;
- Commercial airports serving Hayward are the Oakland International Airport and the San Francisco International Airport.
- Total Population156,917
- Male Population(49.2 %) 77,247
- Female Population(50.8 %) 79,670
- Median Age34.90
- Average Household Income$92,906
- Median Household Income$74,927
- Median Income Under 25$54,275
- Median Income 25-44$76,754
- Median Income 45-64$86,409
- Median Income Over 65$50,682
Residential Rents in Hayward, CA
Nearly 48% of the residents in Hayward rent where they live, with an increasing number of people seeking more affordable areas such as Hayward to reside, compared to Oakland and San Francisco.
As a result, mixed-use development in Hayward is booming, and the demand for multifamily investment property in Hayward is increasingly strong.
One-bedroom rentals in Hayward run $ $1,766 per month, while rents for two-bedroom units in the city average at $2,153. The most expensive neighborhoods for renting in Hayward include Hayward Highland and Fairway Park , while the relatively more affordable areas to rent include North Hayward and Upper B Street.
Hayward, CA Average Rental Price, April 2019
- $ 2,035/mo
- Studio: $ 1,864
- 1 Bedroom: $ 1,838
- 2 Bedrooms: $ 2,207
Hayward, CA Rent Trends
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