Let’s Connect! Bay Area Transit Connections Suggest Promising Future for Real Estate
Last week, the prominent Bay Area Real Estate publication, The Registry, hosted an East Bay-focused event to discuss our region’s prospects for growth based on the significant network of existing and planned transit connections. It turns out that transportation may be the single most important factor in determining our long-term economic success. And with robust transportation infrastructure from the Port of Oakland to the BART extension, our region enjoys a foundation for exceptional growth.
As the program kicked off, Fremont was front and center as Kevin Klowden of the Milken Institute explained that the Warm Springs BART extension and its continuation into Silicon Valley will have one of the most significant impacts on our regional economy. Not only will the extension produce 7,000 direct jobs (not including construction), but after incurring an historic decline in jobs near stations, BART extension efforts are now doubling down on employment centers like Warm Springs. Klowden predicts that when the BART connection to Silicon Valley is finished, East Bay real estate values will see a significant increase.
The map below shows Bay Area transportation trends, including transit, rail, and highway expansion projects. The BART connection from Fremont to Silicon Valley is #14.
The ensuing panel discussion, which included an impressive lineup of real estate representatives, gave us all cause to feel very optimistic about our region’s future. From Wareham Development’s recent success with public-private partnerships to PS Business Park’s comments about skyrocketing demand for industrial space like it owns in Fremont, it’s clear there is a lot of opportunity for new investment.
So what’s the secret for tapping into this opportunity? The overwhelming consensus is that there is a strong focus on transportation and related amenities for businesses. Luckily, this is a central theme of our own planning strategies in Fremont. This means creating a pro-business environment to drive tenant interest and being strategic about placing employment opportunities along transit lines in order to appeal to the 21st century workers, and therefore, employers. We’re on it.