Location: Known as the “Gateway to the Peninsula”, Daly City is central to major growth areas of San Francisco and San Mateo counties and features excellent transportation infrastructure linking San Francisco’s financial district (eight miles north), the San Francisco International Airport (nine miles southeast & 15 minutes via BART) and Silicon Valley further south. Daly City is also directly linked to the East and South Bay Area. The Oakland International Airport is located 20 miles to the east.
Because of its central location, excellent transportation links and growing young & productive labor force, Daly City has become a regional hub for retail, healthcare and business development.
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Population: Daly City has experienced a significant increase in population over the last four decades and, according to the California Dept. of Finance, has realized an increase of 1.2% growth in population over the past six years compared to 2.4% for the county. Population estimates as of 1/01/08 are 739,469 for San Mateo County and 106,361 for Daly City.
Daly City is the largest city in San Mateo County and, according to the Association of Bay Area Governments (ABAG), is expected to retain this position through at least 2030. During this time, ABAG estimates that Daly City will be in the upper 50% of the largest growth cities in the county. Source: ABAG, Projections 2007 (next update in 2009).(more)
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Taxable Sales (in thousands of dollars) – Source: State Board of Equalization |
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2003 |
2004 |
2005 |
2006 |
(most current)
2007 |
Average % Change/Yr. |
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County Sales: |
$11,358,439 |
$11,808,074 |
$12,451,350 |
$12,900,391 |
$13,326,306 |
3.9% |
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Daly City Sales: |
$733,1544 |
$751,322 |
$785,226 |
$859,944 |
$907,125 |
5.2% |
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Labor Force- Annual Average Reporting – Source: CA EDD –Labor Market Information Division |
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2004 |
2005 |
2006 |
2007 |
2008 |
Avg % Change
2007/08 |
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County Labor Force |
364,500 |
363,800 |
364,500 |
379,446 |
384,400 |
2.3% |
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Daly City Labor Force |
51,700 |
51,600 |
51,580 |
54,100 |
54,900 |
1.5% |
As of 4/1/09, 2008 data has not been made available by the State Board of Equalization to reflect the national and local economic downturn. Through 2007, however, Daly City was among the strongest in retail sales of all cities in the county with average annual growth 5.2% compared to a 3.9% for the county. This clearly demonstrates a strong retail market in Daly City.
During 2006-07, Daly City saw improvement in the retail sector, particularly with addition of new jobs at Westlake Center, Pacific Plaza and City Toyota. However, during 2008-09, several large retailers--Mervyn's and Circuit City--closed their doors. Nonetheless, Daly City has a competitive labor force with 78% of the City's population over the age of eighteen, only 12% of the population retired and a median age of 35.
Employment
Mirroring national and local trends, Daly City’s unemployment rate has modestly increased from 4.8% at the end of 2007 to 5.9% at the end of 2008. The county unemployment rate increased from 3.8% to 4.7% during the same period.
Source: CA EDD
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Major Employers in San Mateo County and in Daly City
| Company |
Type of Business |
Employees |
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San Mateo Country (private sector) |
United Airlines
Genentech
Oracle |
Airline Service
Biotechnology
Database Computer Software
| 10,328
7,845
5,777 |
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Daly City (private sector)
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Seton Medical Center
U.S. Postal Service (quasi-private)
Genesys Telecommunications Lab.
Target
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Medical Services
International Mail Facility
Telecommunications Software
Retail
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1,659
602
366
336
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Real Estate Market (spring 2009):
Through spring 2008, the San Mateo County commercial real estate market had improved significantly from the "dot.com" bust of 2001, and Daly City's office market has remained strong with a year-end vacancy rate of 6.4%, compared to nearly 12.6% countywide. However, with the economic downturn and volatility in the international capital markets, growth has tempered. Throughout San Mateo County, demand for Class A office space weakened. Daly City's full-service, Class A asking rents decreased modestly from $2.79 to $2.41 in the last year, compared to a nearly equal decrease countywide. Nonetheless, Daly City's Class A vacancy rate declined. DeVry University lease at Pacific Plaza played a major role in the vacancy rate improvement. During 2007-08, Daly City's retail market saw a modest increase in space available. The 2.8% vacancy rate cited below does not reflect more recent 2009 closures of Mervyn's and Circuit City. Owners of Mervyn's and Circuit City report interest by potential replacement tenants.
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Office Vacancy*
| Ending
2008 |
Ending
2007 |
Ending
2006 |
Ending
2005 |
Ending
2004 |
| North San Mateo County
| 16.4% |
12.6% |
14.7% |
18.0% |
21.9% |
| Daly City
| 5.1% |
6.4% |
5.6% |
7.3% |
13.3% |
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Retail Vacancy*
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| San Mateo County
| 2.5% |
1.4% |
3.2% |
3.0%-5.0% |
3.4%-6.0% |
| Daly City
| 2.8% |
2.4% |
1.8% |
1.82% |
5.4%± |
*A major commercial brokerage firm provided office and retail vacancy data for 2007; pre-2007 data from other sources and estimates.
New Projects
Pacific Plaza - The third phase office building site and the hotel site is available for development.
Landmark Plaza - The first phase of this mixed-use development is nearing completion in 2007 and consists of 14,000 s.f. of retail space, 95 condos and ample parking. Phase II office site is available for development.
Westlake Shopping Center - Multi-phase development of 500,000± s.f. continued with completion and opening of new building for T.J. Maxx and a new parking structure was completed and opened.
Serramonte Center - Upgrade of shopping center continues with completion of new food court with seasonal theme and fireplace centerpiece. Major expansion of Forever 21.
City Toyota - Has a new state-of-the-art dealership on San Pedro Road completed in 2007.
Monarch Plaza -New mixed-use development commenced construction at Sullivan Avenue near 280 off-ramp, to include Walgreens and a take-out national coffee retailer, as well as 300 senior apartments.
2665 Geneva Avenue - New mixed-use development nears completion; includes condominiums and approximately 14,000 s.f. of new retail space.
City Finance & Taxes:
Retail Sales Tax: 9.25%
(State 7.0%, County 0.25%, County Transit 1.0%, City 1.0%)
Bond Rating: Moody's Investors Services Inc.: Aaa
Standard & Poor's Corporation: AAA
(Daly City has no significant outstanding public assessment bonds)
Prepared by: Department of Economic & Community Development, Daly City, CA |
