CITY DESCRIPTION
Petaluma is a city in Sonoma County, California, part of the North Bay sub-region of the San Francisco Bay Area, located 37 miles north of San Francisco. Its population was 57,941 according to the 2017 Census. Petaluma is desirable to many renters and investors, as it is one of the most charming areas in Sonoma County. Petaluma has a picturesque, historical downtown with restaurants, wine bars and shops.
PETALUMA ECONOMY
The City of Petaluma, California, has a seasonally unadjusted unemployment rate was 3.3% in June 2015, lower than Sonoma County (4.3%), California (6.2%) and the nation (5.5%) for the same month. Median household income is up in Petaluma, growing, between 2000 and 2015, by 22% to $75,655. Looking into 2020, this growth is expected to continue, with median income rising to $85,773, an increase of around 13% from 2015. And Petaluma’s taxable sales show signs of rebounding with a gain of 12% in 2013. This gain is consistent with strengthening economic activity across Sonoma County.
The commercial real estate marketing is strong. Retail vacancy rates in Petaluma have followed a steady decline since 2011 and leveled off around 3.8% in the second quarter of 2015. The office vacancy rates have significantly declined since their peak of 41.5% in early 2010 and the industrial vacancy rates have fallen since their peak of 18.7% in the first quarter of 2010. Currently, the office and industrial vacancy rates in Petaluma are 12.9% and 5.7% respectively.
