Redwood City, CA - Office Market Overview
Redwood City includes the Ampex, Fair Oaks, and Harbor commercial real estate submarkets. While Redwood City has a population of about 85,000, it is also part of the San Francisco South Bay area, which is home to over 7 million residents, creating consistent demand for Class A office space in Redwood City.
As of mid-2017, the Redwood City office market encompasses nearly 10 million square feet of existing office space in properties larger than 50,000 square feet. Located almost equidistant between the cities of San Francisco and San Jose, the commercial real estate market in Redwood City, CA, is largely driven by the numerous high-technology companies within the city.
Redwood City, CA - Office Inventory Description
In addition to the abundance of high-tech businesses, the Port of Redwood City is the only deep-water port on the San Francisco Bay that is south of San Francisco. Because of this deep mix of industries, there is predictable, robust demand for Class A office space in Redwood City. Class A or A+ office space accounts for about 70% of the total office inventory in Redwood City, California, with Class B space bringing another 29% of product to the market.
One of the many parts of Redwood City that see strong demand for Class A office space is the Downtown Redwood City commercial real estate area. Located between the Bayshore Freeway and Route 82 just north of Jefferson Avenue, this neighborhood is home to prime office buildings such as 702 Marshall Street, the Brugger Building on Main Street, and the RWC Technology Station.
Redwood City, CA - Green Office Space
While nearby San Francisco ranks #2 and San Jose ranks #18 for large, energy efficient office buildings, the amount of green office space in Redwood City also continues to grow. The city has nearly 500,000 square feet of Energy Star-rated, LEED-certified office space in buildings larger than 50,000 square feet. One such example in Redwood City is the Shorebreeze I. This Class A property is located in the Dolphin commercial real estate submarket of Redwood City and contriburtes over 112,000 square feet of LEED Gold certified green office space to the market.
Due to the number of cutting-edge, high technology companies in Redwood City and the surrounding region, the importance of green office space to both tenants and real estate investors cannot be overstated. The most recent National Green Building Adoption Index report was completed in 2017 and surveyed the top 30 office markets in the U.S. and discovered that the percentage of LEED-certified and EPA Energy Star-rated office buildings has grown to an average of 38% across these top markets, up from less than 5% back in 2005.
Redwood City, CA's Top Office-Using Sectors
The Redwood City office space market sees consistently robust demand from the top office-using sectors in Redwood City of the high technology, government, health, and large corporate headquarters users.
- High Technology – Silver Spring Networks, Equinix, Pacific Data Images, and Starvista all create white-collar office employment in Redwood City.
- Government – The County of San Mateo and the Redwood City School District are among the top employers and users of office space in the Redwood City metro area.
- Healthcare – Sequoia Hospital, Stanford Hospital & Clinics, and the Kaiser Foundation Hospitals are part of this top office-using sector.
- Corporate Headquarters – Box, Oracle, Evernote, Wealthfront, and Electronic Arts all create significant demand for white-collar office space in Redwood City, Calif.
Redwood City Demographics
- Total Population84,368
- Male Population(50.1 %) 42,302
- Female Population(49.9 %) 42,066
- Median Age37.00
- Average Household Income$135,253
- Median Household Income$99,026
- Median Income Under 25$95,156
- Median Income 25-44$112,465
- Median Income 45-64$104,917
- Median Income Over 65$63,488
TMG Signs ORACLE at 1330 Broadway in Oakland
April 25, 2017
TMG Partners announced it has signed a six-year lease with Oracle for 16,000 square feet at 1330 Broadway. The 18-story, 328,427-square-foot Downtown Oakland office building will accommodate the Redwood City-based tech corporation on the 17th floor. The Class A office building was originally con...