Quoted directly from SF Business Times (because I could never be so eloquent): "As the exodus from the pricey San Francisco office rents has pushed businesses to search for more affordable digs, one city in particular has reaped the benefits: Oakland.
Whether it's Uber buying the 400,000 square foot Uptown Station property, formerly the Sears building, or San Francisco bastion the Sierra Club pulling its 124-year-old stakes, more than a dozen major businesses have fled to Oakland so far this year."
See chart below.
Uber plans to open a global headquarter in Oakland by 2017, taking over the iconic Sears building in the middle of Uptown Oakland. After they finish a $40 million renovation, the newly named Uptown Station will be ready for 3,000 employees to occupy six floors. It will include an upscale food hall on the ground floor, a central atrium to allow natural light in the office space, and a basic necessity for every office: a rooftop with picnic tables and fire pits.
If Uber fills the Sears building completely, it will become Oakland's largest employer (that isn't a government agency or medical center) and likely to prompt the construction of luxury apartments and other housing projects around the area.
That's code for: your rent will go up. A lot.
All things real estate.