Attachment 1 - Draft Real Estate Economic Market Analysis - Data — Foster City City Council, April 20, 2026

Working Draft
2301 Rosecrans Ave., Suite 4140
El Segundo, CA 90245
TEL: 424-297-1070 | URL: www.kosmont.com

CITY OF FOSTER CITY

REAL ESTATE ECONOMIC MARKET ANALYSIS - DATA
CITY COUNCIL UPDATE PRESENTATION 4-20-26

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BACKGROUND
Foster City is undertaking a comprehensive Real Estate Economic Market Analysis to better understand current market conditions, future economic trends, and opportunities to strengthen the local economy. The study will inform City Council decision-making and help guide future land use, economic development, and business-attraction strategies.

On February 2, 2026, The City Council approved an agreement with Kosmont Companies to conduct the analysis and provide advisory recommendations.

This study will help Foster City:
 Understand current real estate and economic conditions  Identify unmet market demand and emerging trends
 Evaluate the performance of existing commercial areas  Explore opportunities to support local businesses
 Inform long-term planning and economic policy decisions Note: It is important to note that most of the market data shown in this draft report reflects conditions as of 12/31/25. All of the data tables are expected to be updated as part of the final report deliverable.

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SCOPE OF THE STUDY
 Population and Psychographic Analysis
 Population & Household Demographics
 Housing Data
 Employment Data
 Citywide Real Estate Economic Market Assessment
 Office, retail, Industrial/Flex, Multi-family, Hospitality markets  Market trends
 Visitation Trends and Retail Leakage
 Retail & Shopping Centers
 General fund tax revenues - Sales Tax
 Retail Center Sales trends
T oday’s presentation- Update #1 Update #2 (T entative June 2026) ▪ Opportunity Sites
▪ Findings from Stakeholder and
Community Engagement
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SCOPE OF THE STUDY
Population and Psychographic Analysis
Real Estate Economic
Market Assessment
Retail &
Shopping
Centers
People
Performance
Buildings/Retail
Who lives here
and how do they
spend?
Is the current
market
meeting their
demand?
Where are the key
opportunities
within shopping
centers?
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CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

EXECUTIVE SUMMARY FINDINGS

POPULATION AND PSYCHOGRAPHIC ANALYSIS
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PRELIMINARY

FINDINGS / OPPORTUNITIES / CHALLENGES
 City has among the highest average household income (~$250,000) and education levels (~77% college degree) in the County.
 With over 50% of the population identifying as Asian, the majority of restaurants are Asian oriented, presenting opportunities for other type of cuisines such as traditional seafood, steak, and other ethnic offerings.  The City is characterized as a family friendly community with open space and recreational opportunities.

Covid Impact
 The pandemic resulted in a 60% drop in visitors and 75% drop in commuters to the City.  Visitor activity rebounded following the pandemic within about two years, however, onsite workers are still 20-30% below the 2019 level due to the continued prevalence of remote work.

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PRELIMINARY

FINDINGS / OPPORTUNITIES / CHALLENGES
 Economic Base
• City has a strong commercial real estate market sector supporting approximately 20,000 high paying jobs, with a moderate job/housing imbalance of 1.8:1.
 Office and & Industrial Market Trends
• The office market was hard hit by the pandemic with vacancy increasing to approximately 15%, but much lower than neighboring areas.
• Industrial/Flex market has seen strong leasing activity, low vacancy and steady rent growth.  Hotel Market
• Hotel market within a 3-mile radius has not fully recovered from pandemic-related declines in occupancy and average daily room rates (ADR), making new development challenging. However, current hotels in the City have exceeded pre-pandemic performance levels.

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PRELIMINARY

FINDINGS / OPPORTUNITIES / CHALLENGES
 Retail Market Conditions
 Retail commercial market space is limited with only 600,000 SF and rents are high (above $40 PSF/yr), creating challenges for small businesses – Costco is the major regional draw generating substantial City retail sales.
 City lacks a defined downtown core and has limited upscale retail, entertainment and dining options. There is limited available space, except for Edgewater and the 58,000 SF former Orchard Supply Store.  Multifamily Market Conditions
 Strong 7,000 unit market with average rent of $3,500 per month and only 2% vacancy.  Opportunities to retain and recapture spending
 A significant portion of resident spending occurs at Bridgepointe Center in San Mateo, which provides a wide range of retail, entertainment and restaurants in close proximity.  There is significant retail leakage in spending in clothing, full and limited-service restaurants, bars, and home furnishings.

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PRELIMINARY

FINDINGS / OPPORTUNITIES / CHALLENGES
 Consumer Trends
• Sales in local stores have grown slowly as online shopping continues to capture a greater share of consumer goods spending.
• E-commerce now captures over 23% of total U.S. retail sales today – reducing demand for brick-and- mortar stores in the City by estimated 250,000 SF or more.  Geographic Constraints
• The City is geographically constrained, functioning as an island with three main entrances/exits and no direct mass transit options.

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CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

POPULATION & HOUSEHOLD DEMOGRAPHICS

POPULATION AND PSYCHOGRAPHIC ANALYSIS
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WHY POPULATION AND PSYCHOGRAPHIC ANALYSIS?
 Demographics + psychographics = True demand profile
 Tenant mix optimization
 Local spending habits
 Cultural preferences
 Time-of-day demand (daytime populations vs evening residents)  Daytime population – prioritize quick-service, café’s  Diverse population – include ethnic and specialty food tenants Kosmont utilized ESRI and other sources to prepare a population and psychographic analysis including population, household incomes, ethnicity, housing preferences, educational attainment, employment by industry
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CITY LIMITS AND
COUNTY
Foster City
City Limits
Source: ESRI Business Analyst Online
(Accessed February 2026)
San Mateo
County Limits
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POPULATION & INCOME

FOSTER CITY IS JOB RICH VS NEIGHBORING CITIES
2025 Foster City
City
Belmont
City
Redwood City
City
San Mateo
City
Population 34,689 28,726 87,248 108,966
Daytime Population 44,071 (+27%) 24,667 (-14%) 94,448 (+8%) 117,675 (+8%) Households 13,021 10,710 31,102 41,251
Average HH Size 2.64 2.61 2.73 2.61
Median Age 40.8 41.5 38.3 39.6
% Bachelor's Degree or Higher 76.8% 71.6% 57.6% 59.9%
% Asian/Pacific Islander Origin 57.7% 33.2% 18.8%* 31.0%** Per Capita Income $95,043 $103,577 $85,400 $83,999
Median HH Income $199,174 $209,661 $161,130 $158,885
Average HH Income $253,137 $277,335 $239,414 $221,780
Source: ESRI Business Analyst Online (Accessed February 2026) Notes: *35.8% of residents in Redwood City report being some other race or two or more races. Hispanic origin in Redwood City is 36.3%. **28.1% of residents in San Mateo report being some other race or two or more races. Hispanic origin in San Mateo is 25.9%. Comparatively, Foster City and Belmont have populations with low Hispanic origin and sizable Asian/Pacific Islander origins.

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POPULATION & INCOME

FOSTER CITY HAS HIGHER EDUCATION AND HOUSEHOLD INCOME
2025 Foster City
City
San Mateo
County
California
State
Population 34,689 785,591 39,563,914
Daytime Population 44,071 802,630 39,400,957
Households 13,021 272,778 13,785,669
Average HH Size 2.64 2.85 2.80
Median Age 40.8 40.8 38.4
% Bachelor's Degree or Higher 76.8% 56.0% 39.2%
% Asian/Pacific Islander Origin 57.7% 33.7% 16.8%
Per Capita Income $95,043 $82,647 $50,026
Median HH Income $199,174 $162,855 $101,136
Average HH Income $253,137 $237,890 $143,246
Source: ESRI Business Analyst Online (Accessed February 2026) Working Draft
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ASIAN POPULATION
FOSTER CITY HAS ALMOST 60% ASIAN POPULATION
2024 Foster City
City % of Total Population % of Total Asian Pop.

Total Population* 32,792 100.0% -
Total Asian Population 17,838 54.4% 100.0%
Chinese 7,982 24.3% 44.7%
Indian 4,694 14.3% 26.3%
Filipino 1,440 4.4% 8.1%
Japanese 1,312 4.0% 7.4%
Korean 630 1.9% 3.5%
Taiwanese 514 1.6% 2.9%
Source: 2024 ACS 5-Year Estimates (Accessed February 2026) Notes: *Number is from 2024 ACS, not ESRI estimates (for consistency).

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5%
6%
7%
10%
12%
18%
15%
11%
8%
6%
2%
5%
6% 6%
11%
14%
15%
13%
12%
10%
6%
2%
5%
6% 6%
13%
15%
14%
12% 12%
10%
5%
2%
0-4 5-9 10-14 15-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ Foster City
San Mateo County
California
Median Age
Foster City 40.8
San Mateo County 40.8
California 38.4
POPULATION BY AGE - 2025

FOSTER CITY AND SAN MATEO COUNTY HAVE SIMILAR AGE DISTRIBUTION Source: ESRI Business Analyst Online (Accessed February 2026) Working Draft
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POPULATION BY EDUCATIONAL ATTAINMENT - 2025

FOSTER CITY HAS SIGNIFICANTLY HIGHER LEVELS OF EDUCATIONAL 3%
6%
14%
36%
41%
8%
15%
21%
31%
25%
14%
21%
26% 25%
15%
No high school diploma High school graduate or
equivalent
Some college or
Associate's degree
Bachelor's degree Graduate or prof. degree
Foster City
San Mateo County
California
Source: ESRI Business Analyst Online (Accessed February 2026); Notes: Population observed includes people aged 25 and older. % Bachelor’s Degree or Higher
Foster City 77%
San Mateo County 56%
California 39%
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4% 2% 2%
4% 6% 6%
13% 14%
50%
5% 3% 3%
6%
8% 8%
15% 13%
41%
7%
5% 5%
8%
13% 12%
18%
12%
21%
<$15K $15-$25K $25-$35K $35-$50K $50-$75K $75-$100K $100-$150K $150-$200K $200K+ Foster City
San Mateo County
California
HOUSEHOLDS BY INCOME - 2025
50% OF FOSTER CITY HOUSEHOLDS EARN >$200K ANNUALLY
HH Income Median Average
Foster City $199,174 $253,137
San Mateo County $162,855 $237,890
California $101,136 $143,246
Source: ESRI Business Analyst Online (Accessed February 2026) Working Draft
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ARCGIS TAPESTRY DEMOGRAPHICS
Kosmont utilized ArcGIS Tapestry (advanced demographic dataset) that groups residential areas into 60 different segments based on shared demographic characteristics. The predominant segments are described on following slide.

Kosmont examined data for Foster City, San Mateo and Redwood City:
 Foster City population is ~60% Asian descent compared to ~30% in San Mateo and ~20% in Redwood City  Foster City is primarily comprised of three segments – “T op Tier” (50%), “Urban Chic” (25%) and “Laptops & Lattes” (20%)
 San Mateo and Redwood City have similar segments plus a high concentration of “Uptown Lights” with each segment representing approximately 20% of their populations Working Draft
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ARCGIS TAPESTRY SEGMENTS
Top Tier segment is typically high net worth older married couples with advance professional degrees, many of whom work from home. They shop at upscale/exclusive retailers and fine dining restaurants. They are politically active and contribute to many charitable organizations.

Urban Chic is typically younger married couples with children at home. They are highly educated and work in technology, education and health care. Above average income and net worth, but 50% live in multi-family condos, townhomes, etc. They frequent health clubs and shop at organic food stores.

Laptops & Lattes are typically unmarried young professionals (e.g. Millennials) who live in rental units and shop online extensively. They travel frequently, buy hardback books, buy tech gadgets, seek entertainment options and enjoy fine dining and fashion.

Uptown Lights are tech savvy younger couples (Gen Z and Gen X) with almost 50% having college degrees. They work primarily as service professionals and earn median incomes, and live in multi-family housing. They dine out frequently and order meals for home delivery.

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CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

HOUSING DATA

POPULATION AND PSYCHOGRAPHIC ANALYSIS
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KOSMONT COMPANIES | 22Source: Zillow.com (Accessed February 2026)

HOME VALUE HISTORY

FOSTER CITY HOME VALUES EXCEED COUNTY AND STATE AVERAGES $1.80M
$755K
$1.53M
$2M
$2M

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CITY CENSUS TRACTS
Foster City is comprised of 9 U.S. census tracts:
 6081
 6082
 6083
 6080.01
 6080.02
 6080.24
 6080.25
 6080.13
 6080.23

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CITY HOUSING OCCUPANCY
HOUSING MARKET HASVACANCY OF 4% - INDICATING STRONG DEMAND Source: U.S. Census Bureau, 2024 American Community Survey 5-Year Estimates Data Profile (Accessed March 2026) 2024 T otal Housing Units Owner-Occupied Units Renter-Occupied Units Vacant Units Census Tracts
6080.01 1,514 561 882 71
6080.02 1,315 980 296 39
6080.13 1,493 774 652 67
6080.23 830 798 95 32
6080.24 1,327 891 427 9
6080.25 2,965 386 2,337 242
6081 1,324 887 403 34
6082 1,437 747 642 48
6083 1,412 677 658 77
Foster City T otal 13,617 6,701 6,392 619
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YEAR HOUSING UNITS BUILT
Source: U.S. Census Bureau, 2024 American Community Survey 5-Year Estimates Data Profile (Accessed January 2026) 2024 T otal Occupied
Units 2020 or later 2000 to 2019 1980 to 1999 1960 to 1979 1959 or earlier Census Tracts
6080.01 1,514 0 230 251 1007 26
6080.02 1,315 0 5 115 1,184 11
6080.13 1,493 0 36 905 425 127
6080.23 830 0 0 148 670 12
6080.24 1,327 0 111 394 797 25
6080.25 2,965 146 988 617 1025 189
6081 1,324 14 37 126 1107 40
6082 1,437 0 123 182 1076 56
6083 1,412 0 67 204 1125 16
T otal 13,617 160 1,597 2,942 8,416 502
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CITY NEW HOUSING SUPPLY BY AGE
160
1597
2942
8416
502
0 1000
2000
3000
4000
5000
6000
7000
8000
9000
2020 or later 2000 to 2019 1980 to 1999 1960 to 1979 1959 or earlier Foster City
Foster City has added about
15% to its supply of housing
in past 25 years. However,
~70% of supply more than
50 years old
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CITY HOME OWNERSHIP VALUES
2024
Less than $199,000 $200,000 to $499,999 $500,000 to $990,999 $1,000,000 to $1,999,999 $2,000,000 or more
Census Tracts
6080.01 16 0 145 190 210
6080.02 13 0 54 529 384
6080.13 30 0 84 317 343
6080.23 7 13 0 148 535
6080.24 19 0 164 416 292
6080.25 24 0 0 362 0
6081 26 40 126 379 316
6082 13 18 3 409 304
6083 42 0 21 115 499
City T otal 190 71 597 2,865 2,883
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CITY HOUSING MOVE-IN TIMEFRAME
Occupied housing
units
Moved in 2023 or
later
Moved in 2020 to
2022
Moved in 2010 to
2019
Moved in 2000 to
2009
Moved in 1990
to 1999
Moved in 1989
and earlier
Census
Tracts
6080.01 1,443 109 499 506 103 104 122
6080.02 1,276 68 185 452 209 126 236
6080.13 1,426 109 411 412 157 141 196
6080.23 798 28 115 184 134 98 239
6080.24 1,318 22 310 430 279 172 105
6080.25 2,723 385 1,214 886 188 14 36
6081 1,290 93 302 342 169 157 227
6082 1,389 43 278 503 277 62 226
6083 1,335 97 382 493 121 54 188
City T otal 12,998 954 3,696 4,208 1,637 928 1,575
Note: High move in recent years due to extensive multifamily development (rental units) Working Draft
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EMPLOYMENT DATA
CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

POPULATION AND PSYCHOGRAPHIC ANALYSIS
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EMPLOYMENT BY INDUSTRY

PROFESSIONAL / SCIENTIFIC JOBS ARE HIGHEST CONCENTRATION Resident Employed Population (Age 16+)
Sector Share
Professional, Scientific, and Technical Services 20.0%
Information 12.1%
Health Care and Social Assistance 11.9%
Manufacturing 7.0%
Accommodation and Food Services 6.6%
Educational Services 6.3%
Retail Trade 5.9%
Finance and Insurance 5.2%
Administration & Support, Waste Management and Remediation 4.8% Transportation and Warehousing 3.6%
Construction 3.2%
Wholesale Trade 3.0%
Other Services (excluding Public Administration) 2.8%
Public Administration 2.1%
Management of Companies and Enterprises 1.7%
Arts, Entertainment, and Recreation 1.6%
Real Estate and Rental and Leasing 1.4%
Utilities 0.4%
Agriculture, Forestry, Fishing and Hunting 0.4%
Workers Employed in Study Area (Age 16+)
Sector Share
Professional, Scientific, and Technical Services 46.9%
Information 8.9%
Administration & Support, Waste Management and Remediation 7.2% Accommodation and Food Services 6.8%
Health Care and Social Assistance 5.0%
Transportation and Warehousing 4.7%
Retail Trade 4.1%
Finance and Insurance 3.3%
Educational Services 3.2%
Construction 1.9%
Management of Companies and Enterprises 1.6%
Arts, Entertainment, and Recreation 1.4%
Other Services (excluding Public Administration) 1.1%
Real Estate and Rental and Leasing 1.1%
Public Administration 1.0%
Wholesale Trade 0.9%
Manufacturing 0.7%
Utilities 0.0%
Agriculture, Forestry, Fishing and Hunting 0.0%
“Industries in which City residents work” “Jobs in the City” Source: U.S. Census Bureau Center for Economic Studies (2023, Accessed February 2026) Notes: Categorized by North American Industry Classification System (NAICS) Industry Sectors Working Draft
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Outflow:

Where Residents Commute To For Work
City Count Percentage
San Francisco city, CA 3,311 17.8%
San Mateo city, CA 1,585 8.5%
Foster City city, CA 1,531 8.2%
Redwood City city, CA 965 5.2%
San Jose city, CA 859 4.6%
South San Francisco city, CA 791 4.3%
Palo Alto city, CA 708 3.8%
Menlo Park city, CA 650 3.5%
Mountain View city, CA 579 3.1%
Sunnyvale city, CA 475 2.6%
Santa Clara city, CA 441 2.4%
Oakland city, CA 433 2.3%
Burlingame city, CA 432 2.3%
San Carlos city, CA 336 1.8%
Fremont city, CA 313 1.7%
Hayward city, CA 266 1.4%
Cupertino city, CA 238 1.3%
Pleasanton city, CA 229 1.2%
Los Angeles city, CA 178 1.0%
Belmont city, CA 150 0.8%
San Leandro city, CA 143 0.8%
San Bruno city, CA 134 0.7%
Stanford CDP, CA 127 0.7%
Daly City city, CA 108 0.6%
Los Gatos town, CA 97 0.5%
Unknown Locations 3,517 18.9%
Inflow:

Where Workers Come From
City Count Percentage
San Francisco city, CA 1,660 8.1%
Foster City city, CA 1,531 7.5%
San Mateo city, CA 1,521 7.4%
San Jose city, CA 1,281 6.3%
Fremont city, CA 738 3.6%
Redwood City city, CA 580 2.8%
Hayward city, CA 577 2.8%
Oakland city, CA 526 2.6%
Daly City city, CA 327 1.6%
Sunnyvale city, CA 322 1.6%
Mountain View city, CA 298 1.5%
Los Angeles city, CA 280 1.4%
San Carlos city, CA 279 1.4%
South San Francisco city, CA 270 1.3%
Dublin city, CA 267 1.3%
San Bruno city, CA 258 1.3%
Belmont city, CA 256 1.2%
San Ramon city, CA 249 1.2%
Union City city, CA 240 1.2%
Burlingame city, CA 238 1.2%
San Diego city, CA 230 1.1%
Castro Valley CDP, CA 220 1.1%
Santa Clara city, CA 199 1.0%
Pacifica city, CA 192 0.9%
Palo Alto city, CA 181 0.9%
Unknown Locations 7,774 37.9%
WORKER

DESTINATIONS &

ORIGINS

CITY OF FOSTER
CITY
Source: U.S. Census Bureau Center for Economic Studies (2023, Accessed February 2026) Working Draft
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Workers employed in City
but living outside
Workers living & employed
in City
Workers living in City but
employed outside
*Employment Ratio = People employed within City (living and working in City + those who come into City for work) / Employed population of City (living and working in City + workers who live in the City, but work outside of the City) Source: U.S. Census Bureau Center for Economic Studies (2023, Accessed February 2026)  Employees who work in the City are coming from San Francisco, San Mateo, San Jose, Fremont, and Redwood City
 Employed residents living in Foster City are traveling to San Francisco, San Mateo, Redwood City, San Jose, and South San Francisco for work

WORKER INFLOW / OUTFLOW

CITY OF FOSTER CITY
Reference Foster
City
San
Mateo
County
Workers Living and
Working 1,531 141,144
Workers Coming
(Inflow) 18,963 283,970
Workers Going
(Outflow) 17,065 230,971
Net Inflow/Outflow 1,898 52,999
Employment Ratio* 1.10 1.14
 Per the 2024-2025 ACFR, top 10
employers in Foster City include:
➢ Gilead Sciences, Inc. (6,865
employees)
➢ Visa Technology & Operations, LLC,
fmr. Inovant, LLC (2,785)
➢ Visa USA, Inc. (890)
➢ Zoox, Inc. (573)
➢ Cybersource Corporation (398)
➢ Peninsula Jewish Community Center
(390)
➢ Costco Wholesale (296)
➢ City of Foster City (209)
➢ Qualys, Inc. (272)
➢ Randstad Professionals US LLC (209)
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Foster City has far more jobs
than households – “job rich
environment”

JOBS / HOUSING

BALANCE
2025 Foster City
City
San Mateo
County
California
State
Employment 23,642 370,463 15,869,208
Households 13,021 272,778 13,785,669
Jobs / Housing
Ratio 1.82 1.36 1.15
Source: ESRI Business Analyst Online (Accessed February 2026) Working Draft
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CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

REAL ESTATE MARKET ASSESSMENT

CITYWIDE REAL ESTATE ASSESSMENT, ECONOMIC MARKET ASSESSMENT Working Draft
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WHY REAL ESTATE MARKET ASSESSMENT?
 Occupancy and Rent Trends show the health of the business community  Office and Industrial Employment – Drives daytime retail demand  Professional jobs indicate more disposable income for convenience goods, quick serve food and full-service restaurants
 Hospitality – Drives overnight visitors and discretionary spending on full-service restaurants
 Provides daytime meeting and event space
 Retail Tenancy Data - Explains commercial voids / financial feasibility for new tenants Working Draft
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BACKGROUND
Kosmont has conducted a market analysis utilizing Costar historic market data to help define the City and Bay Area current economic landscape, market trends, including supply and demand dynamics across commercial, office, retail, flex industrial, hospitality sectors. Included are the following sub-tasks:
 Developed baseline inventory of existing properties in referenced sectors and key market indicators, such as vacancy rates, lease rates, and tenant mix
 Benchmarked economic performance of neighboring Bay Area cities  Utilized Placer.ai to analyze trade area annual dollar demand for retail goods and services Working Draft
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CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

RETAIL SECTOR

CITYWIDE REAL ESTATE ASSESSMENT, ECONOMIC MARKET ASSESSMENT Working Draft
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Q4 2025
City of
Foster City
Submarket
(3-Mi. Radius)
San Mateo
County
Availability
Market
Asking Rent
$PSF
$41.63 $38.48 $38.57
Vacancy Rate 17.0% 7.9% 4.8%
Vacant SF 104,874 416,268 1,483,667
Net
Absorption 14,858 16,989 (43,033)
Inventory
Existing SF 616,827 5,262,002 30,950,653
City Information
Major available retail space:
➢ 58,300 SF at 1010 Metro Center Blvd.
(fmr. Orchard Supply Hardware). This
freestanding building is located across
the street from the Costco and has
been vacant for nearly 4 years
➢ 35,794 SF available at Edgewater Place
shopping center
➢ Lucky’s store vacancy not reflected as
Osaka lease occurred within months
~297,700 SF of retail falls within a shopping
center (84% of which is in a neighborhood
center, while 16% are strip centers)
~197,500 SF of retail space is 40+ years old.

Per CoStar, there is currently no retail
space that is planned, proposed, or under
construction in the City of Foster City
Source: CoStar (Accessed February 2026); Note: Vacant space refers to all space that is not occupied by a tenant regardless of availability or lease obligation. Negative absorption refers to the fact that more tenants vacated retail space as opposed to renewing or expanding. Numbers in parentheses and in red indicate a negative number.

RETAIL MARKET OVERVIEW
Top: Former Orchard Supply Hardware
at 1010 Metro Center Blvd.

Above: Edgewater Place shopping center
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RETAIL MARKET HISTORY
2013 – 2025
Source: CoStar (Accessed February 2026)
Vacancy Rates Market Asking Rent PSF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Foster City Submarket (3-Mi. Radius) San Mateo County
$28.00
$32.00
$36.00
$40.00
$44.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Foster City Submarket (3-Mi. Radius) San Mateo County
OSH closure accounts
for majority of vacancy
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KOSMONT COMPANIES | 40

RETAIL MARKET HISTORY
2013 – 2025

CITY OF FOSTER CITY
Year Inventory SF Vacant SF
Total
Vacant %
Total
Net
Absorp. SF
Total
Market
Asking Rent
PSF
2025 616,827 104,874 17.0% 6,697 $41.63
2024 616,827 111,571 18.1% 604 $41.37
2023 616,827 112,175 18.2% (3,623) $41.28
2022 616,827 108,552 17.6% (21,633) $39.35
2021 616,827 86,919 14.1% 14,580 $39.31
2020 616,827 101,499 16.5% (8,666) $39.39
2019 607,422 83,428 13.7% (106,807) $38.82
2018 640,835 10,034 1.6% 16,170 $37.99
2017 622,058 7,427 1.2% 20,949 $36.85
2016 610,397 16,715 2.7% (1,158) $35.93
2015 610,397 15,557 2.5% (12,152) $34.86
2014 618,582 11,590 1.9% (1,309) $33.34
2013 625,136 16,835 2.7% 6,581 $31.89
SUBMARKET (3-MI. RADIUS)
Year Inventory
SF
Vacant
SF
Total
Vacant
%
Total
Net
Absorp. SF
Total
Market
Asking Rent
PSF
2025 5,262,002 416,268 7.9% (9,041) $38.48
2024 5,262,002 407,227 7.7% (37,478) $38.56
2023 5,262,002 369,749 7.0% 31,442 $38.56
2022 5,259,832 399,021 7.6% 24,627 $38.18
2021 5,260,329 424,145 8.1% 177,293 $38.11
2020 5,118,968 460,077 9.0% (148,412) $38.16
2019 5,113,146 305,843 6.0% (57,492) $37.61
2018 5,031,348 166,553 3.3% (53,634) $36.82
2017 5,009,960 91,531 1.8% 21,848 $35.75
2016 5,008,312 111,731 2.2% (61,938) $34.88
2015 5,020,280 60,781 1.2% (192,597) $33.76
2014 5,226,694 74,598 1.4% 30,240 $32.23
2013 5,233,248 111,392 2.1% 59,198 $30.77
Source: CoStar (Accessed February 2026);
Note: Numbers in parentheses and in red indicate a negative number.

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CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

OFFICE SECTOR

CITYWIDE REAL ESTATE ASSESSMENT, ECONOMIC MARKET ASSESSMENT Working Draft
KOSMONT COMPANIES | 42
Q4 2025
City of
Foster City
Submarket
(3-Mi. Radius)
San Mateo
County
Availability
Market Asking
Rent $PSF $60.76 $61.01 $58.55
Vacancy Rate 15.2% 20.2% 18.2%
Vacant SF 625,686 3,671,856 10,919,000
Net
Absorption 22,340 (34,891) 206,616
Inventory
Existing SF 4,124,000 18,209,000 59,900,000
City Information
Data in table on lower left is occupied as of
Dev 2025. There has been substantial leasing
activity in past few months that will reduce
vacancy in near future.

Major available office space as of March 2026:
➢ 60,000 SF at Parkside T owers (1001-1051 E.

Hillsdale Blvd.)
➢ 82,000 SF available at Metro Center (includes
two low rise, four-story buildings [919 and
989 E. Hillsdale Blvd.] and the 21-story Metro
T ower
➢ 108,000 SF at Lincoln Center (101 Lincoln
Center Dr.), 18,000 SF contiguous space
~695,000 SF of existing office space (17% of
total office space) is 40+ years old.

Source: CoStar (Accessed February 2026); Note: Vacant space refers to all space that is not occupied by a tenant regardless of availability or lease obligation. Negative net absorption refers to the fact that more tenants vacated space as opposed to renewing or expanding. Numbers in parentheses and in red indicate a negative number.

OFFICE MARKET OVERVIEW
Top: Parkside Towers
Middle: Metro Center Tower
Above: Lincoln Center
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KOSMONT COMPANIES | 43

OFFICE MARKET HISTORY

FOSTER CITY OFFICE VACANCY REQUIRES FURTHER ANALYSIS
Source: CoStar (Accessed February 2026)
Vacancy Rates Market Asking Rent PSF

5.0%

9.0%

13.0%

17.0%

21.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Foster City Submarket (3-Mi. Radius) San Mateo County
$42.00
$50.00
$58.00
$66.00
$74.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Foster City Submarket (3-Mi. Radius) San Mateo County
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KOSMONT COMPANIES | 44

OFFICE MARKET HISTORIC TRENDS
2013 – 2025

CITY OF FOSTER CITY
Year Inventory SF Vacant SF
Total
Vacant %
Total
Net
Absorp. SF
Total
Market
Asking Rent
PSF
2025 * 4,124,061 625,686 15.2% (187,175) $60.76
2024 * 4,119,061 433,511 10.5% (197,257) $58.21
2023 4,119,061 236,254 5.7% 1,352 $60.44
2022 4,119,061 237,606 5.8% 153,687 $63.24
2021 4,119,061 391,293 9.5% (10,630) $64.39
2020 4,119,061 380,663 9.2% 52,675 $63.53
2019 4,168,726 483,003 11.6% (48,291) $66.99
2018 4,168,726 434,712 10.4% 280,004 $64.44
2017 3,856,774 402,764 10.4% (54,687) $59.49
2016 3,856,774 348,077 9.0% 65,104 $57.46
2015 3,856,774 413,181 10.7% 18,945 $53.13
2014 3,896,474 471,826 12.1% 146,423 $46.81
2013 3,896,474 618,249 15.9% (367,854) $42.39
SUBMARKET (3-MI. RADIUS)
Year Inventory SF Vacant SF
Total
Vacant %
Total
Net
Absorp. SF
Total
Market
Asking Rent
PSF
2025 18,209,874 3,671,856 20.2% (581,134) $61.01
2024 17,998,845 2,879,693 16.0% (344,863) $58.94
2023 17,965,579 2,501,564 13.9% 2,384 $60.50
2022 17,863,493 2,401,862 13.4% 14,089 $63.83
2021 17,727,530 2,279,988 12.9% (314,588) $65.46
2020 17,727,530 1,965,400 11.1% (481,848) $65.09
2019 17,959,473 1,715,495 9.6% 653,729 $69.39
2018 17,425,591 1,835,342 10.5% 194,797 $65.94
2017 17,109,123 1,713,671 10.0% 402,013 $60.74
2016 16,416,335 1,422,896 8.7% (115,908) $58.05
2015 16,363,335 1,253,988 7.7% 2,443 $53.57
2014 16,408,035 1,301,131 7.9% 351,925 $47.25
2013 16,430,595 1,675,616 10.2% 131,544 $43.34
Source: CoStar (Accessed February 2026);
Note: Numbers in parentheses and in red indicate a negative number. * High vacancy in 2024-25 is under further analysis
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CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

INDUSTRIAL / FLEX MARKET (R&D)

CITYWIDE REAL ESTATE ASSESSMENT, ECONOMIC MARKET ASSESSMENT Working Draft
KOSMONT COMPANIES | 46
Q4 2025
City of
Foster City
Submarket
(3-Mi. Radius)
San Mateo
County
Availability
Market Asking
Rent $PSF $41.41 $34.51 $29.16
Vacancy Rate 4.9% 16.8% 15.7%
Vacant SF 81,455 973,386 10,302,779
Net
Absorption 5,580 24,074 366,634
Inventory
Existing SF 1,647,295 5,797,289 65,815,783
City Information
~651,000 SF of flex (40% of total space) has
been built since 2013. In addition, there is
substantially more space in planning / under
construction.
➢ 190,000 SF flex / R&D building under
construction at Gilead Sciences Campus (331
Lakeside Dr.), to be completed April 2026
➢ 298,000 SF flex / R&D building proposed at
600 Lincoln Centre Dr.
➢ 181,000 SF R&D building under construction
at Gilead Sciences Campus (335 Lakeside Dr.)
➢ 200,000 SF R&D building proposed at
Chess/Foster City Blvd- Gilead Masterplan
Expansion
➢ 95,931 SF of new Class A life sciences office
at 388 Vintage Park Dr. currently under
building permit review (the former El T orito
restaurant)
Source: CoStar (Accessed March 2026); Note: Vacant space refers to all space that is not occupied by a tenant regardless of availability or lease obligation.

Negative net absorption refers to the fact that more tenants vacated space as opposed to renewing or expanding. Numbers in parentheses and in red indicate a negative number.

INDUSTRIAL / FLEX R&D MARKET OVERVIEW
Top: Gilead Sciences Lab
Middle: 500 Lincoln Centre Dr.

Above: 300 Lincoln Centre Dr.

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KOSMONT COMPANIES | 47

INDUSTRIAL / FLEX R&D MARKET HISTORY
2013 – 2025
Source: CoStar (Accessed March 2026)
Vacancy Rates Market Asking Rent PSF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Foster City Submarket (3-Mi. Radius) San Mateo County
$16.00
$21.00
$26.00
$31.00
$36.00
$41.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Foster City Submarket (3-Mi. Radius) San Mateo County
FC has much lower vacancy rates
and higher rents compared to
submarket and County.

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KOSMONT COMPANIES | 48

INDUSTRIAL / FLEX MARKET HISTORY
2013 – 2025

CITY OF FOSTER CITY
Year Inventory SF Vacant SF
Total
Vacant %
Total
Net
Absorp. SF
Total
Market
Asking Rent
PSF
2025 1,647,295 81,455 4.9% 74,680 $41.41
2024 1,647,295 156,135 9.5% 23,337 $40.89
2023 1,668,403 200,580 12.0% (86,079) $39.78
2022 1,668,403 114,501 6.9% (72,985) $38.45
2021 1,668,403 41,516 2.5% (88,432) $36.68
2020 1,718,137 2,818 0.2% (2,818) $34.89
2019 1,718,137 - - - $33.84
2018 1,718,137 - - 185,786 $32.66
2017 1,538,137 5,786 0.4% 251,028 $31.05
2016 1,321,305 39,982 3.0% (23,950) $29.48
2015 1,321,305 16,032 1.2% (36,249) $27.51
2014 1,509,368 164,838 10.9% (105,386) $25.67
2013 1,563,729 113,813 7.3% 101,229 $24.22
SUBMARKET (3-MI. RADIUS)
Year Inventory SF Vacant SF
Total
Vacant %
Total
Net
Absorp. SF
Total
Market
Asking Rent
PSF
2025 5,797,289 973,386 16.8% 65,409 $34.51
2024 5,797,289 1,038,795 17.9% 51,696 $34.24
2023 5,685,597 978,799 17.2% (572,905) $33.50
2022 5,685,597 405,894 7.1% (222,407) $32.42
2021 5,685,597 183,487 3.2% (135,558) $30.83
2020 5,735,331 97,663 1.7% 36,939 $29.22
2019 5,683,831 83,102 1.5% (41,199) $28.24
2018 5,686,731 44,803 0.8% 166,318 $27.16
2017 5,506,731 31,121 0.6% 227,528 $25.82
2016 5,296,661 48,579 0.9% 8,686 $24.53
2015 5,296,661 57,265 1.1% 29,574 $22.99
2014 5,474,724 261,894 4.8% (50,004) $21.58
2013 5,529,085 266,251 4.8% 43,293 $20.42
Source: CoStar (Accessed March 2026);
Note: Numbers in parentheses and in red indicate a negative number.

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CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

MULTIFAMILY RESIDENTIAL MARKET

CITYWIDE REAL ESTATE ASSESSMENT, ECONOMIC MARKET ASSESSMENT Working Draft
KOSMONT COMPANIES | 50

MULTIFAMILY MARKET OVERVIEW
Q4 2025
City of
Foster City
Submarket
(3-Mi. Radius)
Availability
Asking Rent $3,547 $3,456
Avg. SF 893 880
Asking Rent PSF $3.97 $3.93
Vacancy Rate 2.1% 2.3%
T otal # of
Vacant Units 151 490
Net Absorption (4) 20
Inventory
T otal # of Units 7,039 21,417
 Major multifamily buildings in City
➢ Foster Landing (700 Bounty Dr., Class C,
market/affordable mix; garden apartments;
built 1987; 490 units;
➢ Isle Cove (846 Juno Ln.; Class B, market-
rate condos; built 1977; 451 units
➢ Beach Cove Apts. (703 Catamaran St.;
Class C, market-rate, garden apartments;
built 1972; 416 units;
➢ The Plaza (1 Plaza View Ln.; Class A,
market/affordable mix; mid-rise
apartments; built 2013; 307 units
 According to CoStar, there are currently no
multifamily residential buildings planned,
 In the last 12 years, a total of 734 units
were built across 6 buildings.
 Current RHNA (6th Cycle, 2023-2031)
requirement of 1,896 total housing units
(including 819 affordable [low and very-low)
Source: CoStar (Accessed February 2026); Notes: Data represents the average asking rents across all unit types (studio, 1BR, 2BR, etc.) in buildings that contain 10 or more units, exc. condos. Negative absorption means more residents vacated than moved into residential units. Numbers in parentheses and in red indicate a negative number.

Top: Foster Landing
Middle: Isle Cove
Above: The Plaza
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KOSMONT COMPANIES | 51

MULTIFAMILY MARKET HISTORY
2013 – 2025
Source: CoStar (Accessed February 2026);
Note: Numbers in parentheses and in red indicate a negative number.

CITY OF FOSTER CITY
Year Inventory
Units
Vacant
Units Vacant %
Net
Absorp.

Units
Asking Rent
/ Unit
Asking Rent
PSF
2025 7,039 151 2.1% 39 $3,547 $3.97
2024 7,039 190 2.7% (18) $3,375 $3.78
2023 7,039 172 2.4% 36 $3,274 $3.67
2022 7,039 207 2.9% (32) $3,262 $3.65
2021 6,969 175 2.5% 108 $3,205 $3.59
2020 6,969 283 4.1% (140) $2,941 $3.29
2019 6,969 142 2.0% 114 $3,329 $3.73
2018 6,957 245 3.5% 175 $3,331 $3.73
2017 6,537 200 3.1% 141 $3,217 $3.62
2016 6,537 342 5.2% 69 $3,144 $3.54
2015 6,305 179 2.8% (6) $3,127 $3.53
2014 6,305 173 2.7% 60 $2,861 $3.23
2013 6,305 233 3.7% 254 $2,728 $3.08
SUBMARKET (3-MI. RADIUS)
Year Inventory
Units
Vacant
Units Vacant %
Net
Absorp.

Units
Asking Rent
/ Unit
Asking Rent
PSF
2025 21,417 490 2.3% 129 $3,456 $3.93
2024 21,417 619 2.9% 636 $3,294 $3.74
2023 20,961 800 3.8% 53 $3,159 $3.57
2022 20,711 601 2.9% 152 $3,142 $3.54
2021 20,610 721 3.5% 444 $3,086 $3.48
2020 20,386 938 4.6% (218) $2,850 $3.23
2019 20,326 665 3.3% 444 $3,178 $3.60
2018 20,281 1,096 5.4% 202 $3,163 $3.59
2017 19,199 489 2.5% 395 $3,040 $3.46
2016 18,897 657 3.5% 112 $2,974 $3.39
2015 18,589 536 2.9% 348 $2,936 $3.36
2014 17,988 518 2.9% 193 $2,706 $3.14
2013 17,806 592 3.3% 284 $2,562 $2.97
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KOSMONT COMPANIES | 52

MULTIFAMILY MARKET HISTORY
2013 – 2025
Source: CoStar (Accessed February 2026)
Vacancy Rates Asking Rent PSF

0.0%

2.0%

4.0%

6.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Foster City Submarket (3-Mi. Radius)
$2.80
$3.00
$3.20
$3.40
$3.60
$3.80
$4.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Foster City Submarket (3-Mi. Radius)
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KOSMONT COMPANIES | 53

HOSPITALITY (HOTEL) MARKET
CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

CITYWIDE REAL ESTATE ASSESSMENT, ECONOMIC MARKET ASSESSMENT Working Draft
KOSMONT COMPANIES | 54

HOSPITALITY MARKET
 To understand the hospitality market, below is a summary of levels of service hotels:
➢ A limited-service hotel is a budget-friendly hotel offering low-cost accommodations, minimal amenities, and typically do not offer a full-service restaurant. These hotels typically fall under economy, midscale, or upper midscale classes according to STR
➢ A select-service hotel offers more amenities than a limited-service hotel, such as small meeting spaces and a casual restaurant, but fewer features than a full- service hotel. Select-service hotels are a blend of full- and limited-service hotels and are the fastest growing type of hotels being developed. These hotels typically are upper midscale or upscale class hotels
➢ A full-service hotel offers more services than a select- or limited-service hotel.

Such services could include larger banquet/conference space, restaurants/bars, shuttle services, laundry service, room service, expanded fitness centers, and spas.

Full-service can refer to different hotel types including boutique hotels and resorts and generally fall under upscale, upper upscale, and luxury class hotels  Economy hotels are patronized primarily through drive-by visitors, while large hotel chains have Rewards Programs with millions of loyal customers who search for those properties on the internet, thus increasing demand
 Examples of various hotels by class are highlighted in the table to the right. Note: STR hotel classes are typically grouped according to actual average room rates Class Hotels
Economy Motel 6, Studio 6, Red Roof Inn, Days Inn, Super 8 Midscale Best Western, Quality Inn, Extended Stay America Upper Midscale Hampton Inn & Suites, La Quinta Inn & Suites, Fairfield Inn & Suites, Holiday Inn
Upscale DoubleTree, Courtyard, Hyatt House, Homewood
Suites, Residence Inn, SpringHill Suites
Upper Upscale Sheraton, Hilton, Marriott, Le Meridien, Embassy Suites, Westin, Wyndham Grand
Luxury JW Marriott, Ritz-Carlton, W Hotel, Shangri-La,
Langham, Four Seasons, Fairmont
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HOSPITALITY MARKET
 Within a 3-mile radius from Foster City Hall, there are a total of 18 existing operational hotels, 14 of which are chain or franchise hotels (totaling 2,446 rooms) and 4 are independently operated (totaling 149 rooms). The total number of rooms within a 3-mile radius is 2,595 rooms. There are three hotels with 621 rooms in the City.  94% of rooms within the 3-mile radius fall within chain/franchise hotels (2,446 rooms in 14 hotels), while 6% are within hotels that operate independently (149 rooms in six hotels). Of the total 2,595 rooms in the radius, 14% are economy class (377 rooms), 10% midscale (259 rooms), 12% upper midscale (302 rooms), 48% upscale (1,236 rooms), and 16% upper upscale (421 rooms). There are no luxury hotels currently operating in this submarket.  ADR and occupancy remain significantly below pre-Covid levels, indicating challenges to new hotel development  There are three hotels proposed within this radius. These include the following: a 104-room economy-class hotel in Redwood City servicing the Redwood Life Evolve science cluster and two midscale hotels – an 88-room Tru by Hilton in Belmont and a 151-room hotel at Metro Center (across from Costco) in Foster City.

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FOSTER CITY HOTEL

SUBMARKET MAP
(3-MILE RADIUS)
Source: ESRI Business Analyst Online; CoStar;
Smith Travel Research (Accessed February 2026)
3-Mile
Radius
While the City only has three hotels
totaling ~500 rooms, there are
18 operational hotels totaling 2,595
rooms, within 3-mile radius.
14 of which are chain or franchise
hotels (totaling 2,446 rooms) and 4 are
independently operated (totaling 149
rooms).

Locations of existing and
operational hotels within a 3-mile
radius of Foster City City Hall.

Hotels circled in red fall within
the City of Foster City.

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KOSMONT COMPANIES | 57
Source: Smith Travel Research (Accessed February 2026); Note: Numbers in parentheses and in red indicate a negative percentage change. *Annual averages were calculated during the periods shown.

Year Avg.

Occupancy
Average Daily
Rate (ADR)
Annual Supply
of Room Nights
Annual
Demand for
Room Nights
Change in
Occupied
Room Nights
Revenue per
Available
Room
(RevPAR)
Change in
RevPAR
Feb. ‘18 – Jan. ’19 80.7% $193.20 886,069 715,034 - $156.20 - Feb. ‘19 – Jan. ’20 78.4% $200.97 897,921 702,815 (1.7%) $157.81 1.0% Feb. ‘20 – Jan. ’21 38.1% $113.66 881,546 333,418 (52.6%) $45.92 (70.9%) Feb. ‘21 – Jan. ’22 49.0% $114.45 898,266 440,717 32.2% $56.32 22.6% Feb. ‘22 – Jan. ’23 61.8% $158.93 925,160 572,495 29.9% $99.13 76.0% Feb. ‘23 – Jan. ’24 68.7% $164.00 946,344 649,463 13.4% $112.80 13.8% Feb. ‘24 – Jan. ’25 73.7% $163.28 994,719 733,149 12.9% $120.49 6.8% Feb. ‘25 – Jan. ’26 73.8% $168.31 994,530 733,599 0.1% $124.11 3.0% T otal Growth (%) (8.6%) (12.9%) 12.2% 2.6% - (20.5%) - HOTEL MARKET DEMAND ANALYSIS –
SUBMARKET (3-MI. RADIUS)
MARKET PERFORMANCE SUMMARY*
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HOTEL MARKET DEMAND ANALYSIS – 3-MI. RADIUS
PERFORMANCE BY MONTH (PRE AND POST-COVID-19 PANDEMIC
Performance by Month (Feb. 2025 – Jan. 2026)
Month Avg.

Occupancy ADR RevPAR
February 2025 70.5% $168.15 $118.49
March 2025 72.9% $166.09 $121.04
April 2025 72.4% $166.25 $120.31
May 2025 76.4% $167.09 $127.61
June 2025 80.4% $160.27 $128.92
July 2025 78.8% $159.83 $125.96
August 2025 78.3% $157.57 $123.41
September 2025 75.8% $176.55 $133.77
October 2025 77.8% $190.47 $148.27
November 2025 69.2% $172.27 $119.13
December 2025 64.1% $157.86 $101.16
January 2026 68.4% $177.30 $121.30
Average 73.8% $168.31 $124.11
Hotel performance has gradually improved since the COVID-19 pandemic, but occupancy, ADR, and RevPAR remain short of pre-pandemic numbers. June is the highest performing month in terms of occupancy.

Performance by Month (Feb. 2018 – Jan. 2019)
Month Avg.

Occupancy ADR RevPAR
February 2018 75.9% $189.67 $143.87
March 2018 80.2% $186.54 $149.54
April 2018 81.7% $188.19 $153.73
May 2018 85.0% $193.93 $164.84
June 2018 85.1% $192.79 $163.99
July 2018 85.8% $195.54 $167.75
August 2018 85.6% $192.99 $165.28
September 2018 85.9% $201.45 $173.14
October 2018 88.6% $210.13 $186.09
November 2018 74.9% $187.33 $140.34
December 2018 66.9% $171.19 $114.57
January 2019 72.5% $208.64 $151.26
Average 80.7% $193.20 $156.20
Pre-COVID-19 pandemic, hotels in the market area performed strongly nearly year-round, except for winter months (avg. occupancy from November to January was 71.4%). October was the most successful month.

Sources: CoStar; Smith Travel Research (Accessed February 2026) Note: *Annual averages were calculated during the periods shown.

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HOTEL MARKET DEMAND ANALYSIS – 3-MI. RADIUS

PERFORMANCE BY MONTH AND DAY OF THE WEEK
Source: Smith Travel Research (Accessed January 2026);
Note: The data used in this analysis is reflective of the hotels that report monthly to STR.

Performance by Month
Month Avg.

Occupancy ADR RevPAR
Sunday 62.8% $144.03 $90.76
Monday 76.2% $182.16 $141.90
Tuesday 83.0% $194.44 $165.01
Wednesday 83.2% $193.39 $163.56
Thursday 73.0% $160.05 $118.07
Friday 68.4% $142.23 $97.22
Saturday 71.2% $132.54 $94.70
Average 74.0% $164.12 $124.46
Performance by Day of Week
Strong mid-week demand peaking Wednesday (likely due to business travelers). Less demand over the weekend.

Performance varies by season. Higher occupancy found in the summer and early fall months (highest occupancy in June). Generally, less occupancy in the winter months.

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MARKET TRENDS
CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

CITYWIDE REAL ESTATE ASSESSMENT, ECONOMIC MARKET ASSESSMENT Working Draft
KOSMONT COMPANIES | 61

MARKET TRENDS SUMMARY
 Key trends in the post-pandemic economy:

➢ Retail
• Retail store closures, bankruptcies, and e-commerce
has driven changes in retail; Retail centers are being
reimagined (e.g., mixed/blended use development)
• Retail driven by trip-generators such as
entertainment, experience, and essentials (e.g., food)
➢ Office
• Office leasing activity dropping as remote work
becomes new normal; Social distancing led to offices
resizing/reconfiguring
• Integrating office in blended use environments;
Possible shift to suburban offices / residential
conversions
➢ Industrial
• E-commerce has accelerated growth of industrial;
• Retail and industrial are merging, with space being
used for Buy Online Pick Up in Store (BOPIS),
fulfillment, last mile and warehousing (including flex) ➢ Residential
• Homes are live, play, and work environments
• Strength in suburban markets; Home office is the
new home amenity as single and multifamily housing
developments are designed to facilitate work
• New residential sites within shopping centers
➢ Hospitality
• Hospitality sector hurt the most by COVID-19
(conventions and business), but leisure travel is
rebounding
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KOSMONT COMPANIES | 62
Housing is Not a Loss
Leader, it’s a
Growth Driver
Retail is Not Just
Retail Anymore
T elework is
Reconfiguring Office
Industrial /
Distribution is Critical
for the Economy
Housing as Economic
Development
Retail Reimagination as
Economic Development
Office Conversions as
Economic Development
Industrial & Fulfillment as
Economic Development
• New housing can generate
significant new tax revenues and
support local jobs from resident
spending
• Housing is not necessarily a net
negative fiscal impact, especially at
current property values
• U.S. retail over-built and needs
“right sizing;” Covid accelerated
trends; today its about essentials,
experience & e-commerce
• Blended/mixed use projects
integrate multiple uses (housing,
retail, open space, creative office,
hotel)
• T elework and work from home
options are reshaping the needs for
office space and business districts
• Job redistribution tied to housing
• Vacancies can lead to fiscal impact
pressure
• Modern industrial is not “your
father’s industrial” – it is a blend
• Retail can’t thrive without
distribution; Booming demand for
e-commerce, particularly smaller
last-mile delivery facilities
• Flex space (a blend of industrial,
office, research and development
space) is a growing market. Cities
can attract high tech / skill firms
with such space
Key Market and Economic Development Trends
Working Draft
Generate new demand for
commercial and retail uses
Significantly boost new tax revenues
Support local jobs
New housing can:

E-commerce will capture 25% of sales within 5 years
(~$9k per CA household)
Housing / hybrid living spaces
Keeping “wallets” in local communities
Townhomes by Landsea Homes in Ontario, CA
HEED
TM
: HOUSING ELEMENT FOR

ECONOMIC DEVELOPMENT
63 Working Draft
KOSMONT COMPANIES | 64

E-COMMERCE RESHAPING ECONOMIC DEVELOPMENT
EST. E-COMMERCE SALES BY RESIDENTS
Population 34,700
Avg HH Size 2.64
HH 13,000
Average HH Income $253,100
% of HH Income for Expenditures - 209,700 83%
% of Expenditures for Retail Spending 28%
% Retail spending via e-commerce 20%
Avg HH E-commerce sales $11,760
Retail Sales PSF $400
Per HH Retail Space Equivalence 29 SF
Community E-Commerce Sales $152,880,000
Community Retail Space Equivalence 382,200 SF
Floor Area Ratio (FAR) 0.25
Retail Acreage Equivalence 35.1 AC
Sources: Kosmont Companies, ESRI, Placer.ai (Accessed March 2026) Notes: Assumptions made for % of HH Expenditures for e-commerce spending, retail sales PSF, and FAR.  Kosmont estimated the impact that e-commerce has on physical retail space by estimating the average e-commerce sales per household and the total e- commerce sales across all households in the City.
 ESRI data shows the approximate amount spent by households across different expenditure categories over a year. The sum of expenditures divided by the average household income yields the percentage spent on expenditures. In this case, 83% of Foster City households spend their money on a variety of expenditures. Of these expenditures, 28% are from key retail categories, such as food, entertainment, shopping club membership fees, housekeeping supplies, household furnishings, apparel, and personal care. Kosmont assumed that 20% of retail spending was conducted via e-commerce platforms.  Using Kosmont’s assumptions and calculations, the average household in Foster City spent about $11,760 per year on e-commerce, which, assuming retail sales average ~$400 PSF, equates to approximately 29 SF of retail space.  On a City-wide basis, the 13,000 households in Foster City spend approximately $153M or 382,200 SF of retail space. Assuming a Floor Area Ratio of 0.25, 35.1 acres of developable commercially-zoned land would be needed to accommodate this amount of retail space. Thus, while e-commerce does generate increasing revenues to the City via the County Pool, it is also lessening the need for additional retail space in the market.

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KOSMONT COMPANIES | 65

E-COMMERCE GROWTH
• The share of e-commerce sales
grew to 23% of total retail sales by
year-end 2025.
• FTI Consulting’s 2025 Online
Retail Report projections indicate
Online sales will grow 8.5%.
• UBS report estimates that 45,000
net retail store closures will occur
in the U.S. by 2028 (approximately
5% of the total retail store base)
• E-commerce sales in the U.S. have increased steadily since 2000. The COVID-19 pandemic saw major increased online retail sales, soaring by 42% compared to 2019. E-commerce sales continued to grow by double-digits into 2021 but cooled to just 6% growth in 2022. 2023 saw an increase in e-commerce sales by 9%
Sources: St. Louis Federal Reserve; FTI Consulting “2025 Online Retail Report”; UBS (Accessed March 2026)
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KOSMONT COMPANIES | 66

VISITATION TRENDS AND RETAIL LEAKAGE
CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

CITYWIDE REAL ESTATE ASSESSMENT, ECONOMIC MARKET ASSESSMENT Working Draft
KOSMONT COMPANIES | 67
PLACER.AI SUMMARY
Placer.ai is a mobility data provider that tracks daily movement of over 30 million people in the U.S. via anonymized mobile app data. This information reveals travel trends to/from major events, shopping centers, and other places of interest – providing insight into retail center trade areas, hourly and daily visitation statistics, and consumer demographic characteristics. Kosmont utilized Placer.ai to analyze resident and visitor spending/travel patterns for past 7 years.  Graph on following slide shows 60% drop in visitors and 75% drop in commuters during the pandemic. Visitors have recovered, but workers are still 20-30% below the 2019 level, as work from home impacts many employers.  Following analysis shows frequency of visits to major locations within Foster City, as well as visits by Foster City residents to neighboring community shopping areas
 (Surprisingly) almost 400,000 unique non-Foster City residents visited Costco and Metro Center in the past 12 mos.  (Not surprisingly) 90% of Foster City residents shopped at Bridgepointe an average of 7 times last year and 1/3rd of residents shopped at Serramonte Center in Daly City an average of 9 times  Placer also estimates the retail spending by category for the Foster City / San Mateo submarket and found substantial leakage over $150 million (excluding auto sales)
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KOSMONT COMPANIES | 68
0 200,000
400,000
600,000
800,000
1,000,000
1,200,000
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Jan-24
May-24
Sep-24
Jan-25
May-25
Sep-25
Jan-26
Out-of-Market Visitors
0 20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Jan-24
May-24
Sep-24
Jan-25
May-25
Sep-25
Jan-26
Inbound Commuters

OVERALL CITY VISITS PER MONTH BY

OUT-OF-MARKET VISITORS AND INBOUND COMMUTERS
(1/1/19 – 2/28/26)
Source: Placer.ai (Accessed March 2026)
56% drop in visits from
February to April 2020
79% drop in visits from
February to April 2020
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KOSMONT COMPANIES | 69

CITY OF FOSTER CITY

TOP IN CITY LOCATIONS BY NUMBER OF VISITS
Source: Placer.ai (Accessed March 2026)
Notes: Visit numbers include out of
market visitors, employees, and residents
in the last 12-month period.

City of
Foster City
Costco Wholesale

2.6M visits (18th percentile)
Edgewater Place

1.0M visits
The Marketplace at Metro Center

2.9M visits Key T enant: Safeway
Safeway
18th in visits out of 240 Safeways in CA

1.5M visits
Marlin Cove
968,100 visits
Key T enant: 99 Ranch Market
Foster Square
930,200 visits
Key T enant: Starbucks
Leo J. Ryan Park
569,200 visits (92nd percentile statewide)
Osaka Marketplace*
422,800 visits
Mariners Point Golf Center
348,500 visits
99 Ranch Market
38th in visits out of 38 99 Ranch Markets in CA
325,500 visits (2nd percentile, 1st nationwide)
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KOSMONT COMPANIES | 70

CITY OF

FOSTER CITY

TOP VISITED

IN CITY LOCATIONS
3/1/25 TO 2/28/26
Location Visitors
(residents)
Visitors
(inbound
commuters)
Visitors
(out-of-
market
visitors)
T otal Visits
(all visitor
types)
The Marketplace at Metro Center
977 E. Hillsdale Blvd. 27,900 4,600 365,200 2,900,000
Costco Wholesale
1001 Metro Center Blvd. 21,700 4,200 414,400 2,600,000
Safeway1
921 E. Hillsdale Blvd. 25,600 3,600 194,700 1,500,000
Edgewater Place Shopping Center
919 Edgewater Blvd. 21,000 3,000 296,100 1,000,000
Marlin Cove
1070 Foster City Blvd. 19,700 2,500 179,700 968,100
Foster Square
707 Thayer Ln. 21,300 3,200 200,700 930,200
Leo J. Ryan Park*
650 Shell Blvd. 31,900 - 174,300 569,200
Osaka Marketplace2
919 Edgewater Blvd. 15,900 1,800 140,300 422,800
Mariners Point Golf Center
2401 E. 3rd Ave. 2,500 460 77,400 348,500
99 Ranch Market3
1070 Foster City Blvd. 11,900 1,200 80,600 325,500
Source: Placer.ai (Accessed March 2026)
Notes: Sorted by total number of visits to in-market locations (e.g., locations within the City of Foster City). The total visits column for in- market locations reflects the total visits by visitors, employees, and residents. Visitors (residents) column reflects the number of Foster City residents who went to these locations at least one time during the 12- month period. Visitors (inbound commuters) represents the number of visitors who work in the City but live outside of the City. Visitors (out-of- market visitors) represents the number of visitors who are visiting locations within the City, but neither live nor work in the City. -------------------------------------------------
*This data was not readily available. An estimate of the number of residents visiting Leo J. Ryan Park was taken from number of visitors living in 94404 (Foster City)

1. Safeway located within The Marketplace at Metro Center

2. Osaka Marketplace located within Edgewater Place. Osaka Marketplace replaced Lucky Supermarket in Dec. 2025

3. 99 Ranch Market located within Marlin Cove
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KOSMONT COMPANIES | 71

CITY OF

FOSTER CITY

TOP VISITED

OUT-OF-MARKET

LOCATIONS
3/1/25 TO 2/28/26
Source: Placer.ai (Accessed March 2026)
Notes: Sorted by total number of visits to in-market locations (e.g., locations within the City of Foster City). The total visits column for in- market locations reflects the total visits by visitors, employees, and residents. Visitors (residents) column reflects the number of Foster City residents who went to these locations at least one time during the 12- month period. Visitors (inbound commuters) represents the number of visitors who work in the City but live outside of the City. Visitors (out-of- market visitors) represents the number of visitors who are visiting locations within the City, but neither live nor work in the City. -------------------------------------------------

1. Target and The Home Depot located within Bridgepointe Shopping Center

2. Trader Joe’s located within Concar Shopping Center
Location
Residents
who visit at
least once
T otal Visits
by Residents
Visitors
(inbound
commuters)
Visitors
(out-of-
market
visitors)
Bridgepointe Shopping Center
3000 Bridgepointe Pkwy. 29,000 213,800 7,500 795,600
Hillsdale Shopping Center
60 31st Ave. (San Mateo) 26,700 165,300 5,900 767,600
Target1
2220 Bridgepointe Pkwy 24,200 123,300 4,700 475,400
Concar Shopping Center
666 Concar Dr. (San Mateo) 15,000 95,200 3,100 303,700
Places at Bay Meadows Shopping
Center 1010 Park Pl. (San Mateo) 17,400 88,100 2,900 290,300 Serramonte Center
3 Serramonte Center (Daly City) 9,100 78,800 3,500 585,400 The Home Depot1
2001 Chess Dr. (San Mateo) 16,500 70,300 3,200 222,100
Trader Joe’s2
1820 S. Grant St. (San Mateo) 11,100 65,600 1,800 163,500 Borel Square Shopping Center
59 Bovet Rd. (San Mateo) 7,300 58,000 1,900 197,600
Redwood City Plaza
2300 Middlefield Rd.
(Redwood City)
7,200 56,500 1,900 277,000
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KOSMONT COMPANIES | 72
TOP 10 OUTSIDE SHOPPING AREAS BY
FOSTER CITY RESIDENTS (1/1/25 TO 12/31/25)
Top 10 Outside Foster City Resident Shopping (by Number of Visits) Rank Location City Anchor Tenants /
Major Retail # of Residents # of Visits Average annual
Visits per Person
1 Bridgepointe Shopping Center San Mateo Target, The Home Depot, Hobby Lobby, Nordstrom Rack, Marshalls, T otal Wine & More, Ross, Petco 29,000 213,800 7 2 Hillsdale Shopping Center San Mateo Macy’s, Nordstrom, Cinepolis, Ana Furniture, Barnes & Noble, Gap, DSW, H&M, Uniqlo, Trader Joe’s 26,700 165,300 6 3 Target* San Mateo N/A 24,200 123,300 5
4 Concar Shopping Center San Mateo Ross, TJ Maxx, Trader Joe’s 15,000 95,200 6 5 Places at Bay Meadows San Mateo Crunch Fitness, Whole Foods Market 17,400 88,100 5 6 Serramonte Center Daly City
Macy’s, Target, Dick’s Sporting Goods, Dave & Buster’s, Nordstrom Rack, Ross, Crunch Fitness, Burlington, TJ
Maxx, World Market, H&M
9,100 78,800 9
7 The Home Depot* San Mateo N/A 16,500 70,300 4
8 Trader Joe’s** San Mateo N/A 11,100 65,600 6
9 Borel Square Shopping CenterSan Mateo 24 Hr. Fitness, CVS Pharmacy 7,300 58,000 8 10 Redwood City Plaza Redwood City Costco, Outdoor Supply Hardware 7,200 56,500 8 Source: Placer.ai (Accessed March 2026)
Note: *Target and The Home Depot are located at Bridgepointe Shopping Center. **Trader Joe’s located at Concar Shopping Center.

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KOSMONT COMPANIES | 73

RETAILER MAP
Source: Placer.ai, ESRI Business Analyst
Online (Accessed March 2026)
The points on the map show the top retail
centers where Foster City residents shop
outside of the City. Numbers are ordered
by the number of visits made by Foster City
residents to these locations.

Shopping centers in San Mateo are within a
ten-minute drive time just west of the City’s
boundaries (along CA-92 / US-101).

Residents will travel within a 20-minute
drive time to reach major regional centers
(such as the Serramonte Center in Daly
City) or the Costco-anchored Redwood
City Plaza.
1, 3, 7
10 5
6 4, 8
9 2
City of
Foster
City
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KOSMONT COMPANIES | 74

CITY OF FOSTER CITY
INBOUND COMMUTER DEMOGRAPHICS 3/1/25 TO 2/28/26
Demographic Highlights
Total Visits 1.6 million
Avg. Days Spent in Market 146.8
Total Visitors 10,900
Average HH Size 2.66
Most Common Ethnicity White (35.9%)
Bachelor’s Degree or Higher 58.8%
Median HH Income $160,300
Average HH Income $222,900
Source: Placer.ai; STI Popstats 2024 (Accessed March 2026) Notes: Inbound commuters refer to people who come to the City for work. This does not include the number of resident workers. Median and average visit length is unavailable for employees.

Visitor Household Incomes
< $50,000 14.9%
$50,000 - $100,000 15.9%
> $100,000 69.2%
Ethnicities
White 35.9%
Asian 32.7%
Hispanic 21.1%
Other 7.2%
Black 3.2%
Education Levels
High School or Less 21.5%
Some College/Associates 19.7%
Bachelor’s or Higher 58.8%

Working Draft
KOSMONT COMPANIES | 75

CITY OF FOSTER CITY
INBOUND COMMUTER ANALYTICS 3/1/25 TO 2/28/26
T op 10 Inbound Commuter Origins (Zip Codes)
Zip Code City / Area
Serviced
# of Visits by Inbound
Commuters
94403 San Mateo 172,000
94401 San Mateo 127,000
94010 Hillsborough 60,700
94402 San Mateo 58,000
94002 Belmont 51,900
94070 San Carlos 38,600
94061 Redwood City 35,900
94030 Millbrae 31,000
94066 San Bruno 30,800
94015 Daly City 30,000
Source: Placer.ai (Accessed March 2026)
▪ 31% of inbound commuters live within 3 miles of the City; ▪ 39% of inbound commuters live between 10 and 30 miles away ▪ T op 10 origins are listed in the table below by zip code Working Draft
KOSMONT COMPANIES | 76

TRADE AREA

RETAIL LEAKAGE
(1/1/25 TO
12/31/25)
Source: Placer.ai (Accessed March 2026)
Note: Numbers in parentheses and in red indicate a negative number (leakage). Data reflects all consumers (residents + visitors) within the City. *Auto dealer sales could reflect satellite office where sales are reported to the U.S. Bureau of Labor Statistics.

Categories with high leakage include:
• Clothing stores
• Limited- and full-service restaurants,
• Sporting goods
• Health and personal care stores, and
• Auto parts / accessories stores.

UNMET RETAIL DEMAND BY RETAIL CATEGORY (WITHIN TRADE AREA) Retail Category Supply (Sales) $ Demand $ Surplus / Leakage $ Online Sales Leakage Potential
Gasoline Stations 167.4 M 80.4 M 87.0 M Low
Building Material & Supply Stores 81.2 M 47.0 M 34.2 M Low Grocery Stores 94.0 M 90.6 M 3.4 M Low
Department Stores 19.0 M 16.9 M 2.1 M Varies
Electronics & Appliance Stores 12.2 M 10.8 M 1.4 M High Book, Periodical, & Music Stores 1.3 M 1.7 M (0.4 M) High Bars / Drinking Places 0.7 M 4.2 M (3.5 M) Low
Sporting Goods / Hobby Stores 4.8 M 9.6 M (4.8 M) High
Automotive Parts / Accessories 10.0 M 14.9 M (4.9 M) Low Home Furnishings Stores 1.6 M 7.6 M (6.0 M) Medium
Limited-Service Restaurants 46.3 M 63.1 M (16.8 M) Low
Health & Personal Care Stores 26.5 M 47.8 M (21.3 M) Medium Full-Service Restaurants 38.7 M 62.5 M (23.8 M) Low
Clothing Stores 7.9 M 32.9 M (25.0 M) High
Other Gen. Merchandise Stores 37.2 M 91.4 M (54.2 M) Medium Auto Dealers* 94.5 M 167.8 M (73.3 M) Low
Working Draft
KOSMONT COMPANIES | 77

RETAIL & SHOPPING CENTERS
CITY OF FOSTER CITY – REAL ESTATE ECONOMIC MARKET ANALYSIS

CITYWIDE REAL ESTATE ASSESSMENT, ECONOMIC MARKET ASSESSMENT KOSMONT COMPANIES | 78
Property Taxes in all forms represent
over 67% of City’s total general fund
revenues

GENERAL FUND

TAX REVENUES
FY 2024-2025
Source: Foster City ‘Annual Comprehensive Financial Report 2025” (April 2026) Revenue Category Revenue % Share of Total
Property Tax $44,552,000 67.7%
Sales & Use Tax $4,001,000 6.1%
Charges for Current Services $1,570,000 2.4%
Franchise Taxes $1,421,000 2.2%
Interest Income / Rentals $5,012,000 7.6%
License and Permits $7,790,000 11.8%
Hotel TOT $4,178,000 6.4%
Other (fines, shared services) $616,000 0.9%
Other Taxes $441,000 0.7%
Intergovernmental Revenues $209,000 0.3%
TOTAL $65,790,000 100.0%
KOSMONT COMPANIES | 79Source: CA DOF; CDTFA; Kosmont Companies (Accessed February 2026) Note: Numbers in parentheses and in red indicate a negative number.

Year City Subtotal County
Pool
City
T otal
2012 $3,668,000 $469,000 $4,137,000
2013 $3,546,000 $495,000 $4,041,000
2014 $3,033,000 $471,000 $3,504,000
2015 $3,004,000 $488,000 $3,492,000
2016 $2,677,000 $531,000 $3,208,000
2017 $3,078,000 $600,000 $3,678,000
2018 $3,118,000 $671,000 $3,789,000
2019 $3,003,000 $711,000 $3,714,000
2020 $2,386,000 $870,000 $3,256,000
2021 $2,721,000 $792,000 $3,513,000
2022 $3,573,000 $952,000 $4,525,000
2023 $3,458,000 $873,000 $4,331,000
2024 $3,165,000 $835,000 $4,000,800
12-Year Growth (8.3%) 78.0% 1.5%
COVID-19 Effect
(2019-2020) (20.5%) 22.4% (12.3%)
CAGR (0.7%) 4.9% 0.1%

SALES TAX REVENUES BY YEAR
CITY OF FOSTER CITY (2012-2024)
0%
20%
40%
60%
80%
100%
120%
140%
160%
2024202320222021202020192018
City Sales Tax and
Share of County Pool
FOSTER CITY FOSTER CITY County Pool
KOSMONT COMPANIES | 80

CITY RETAIL SALES BY CATEGORY BY YEAR
SALES TAX HAS GROWN 4% ANNUALLY – IN LINE WITH INFLATION Source: CA DOF; CDTFA; Kosmont Companies (Accessed February 2026) Notes: *Numbers reflected are in thousands of dollars. Other retail may include pet supply stores, tobacco stores, art dealers, etc. All other outlets refers to business to business or business to government transactions. Numbers in parentheses and in red indicate a negative number.

Retail
Category 2016 2017 2018 2019 2020 2021 2022 2023 2024 % Growth (2016-24)
2024 % of
T otal
Motor Vehicle - - - - - - - - - - -
Home Furnishings $18,563,486 $28,661,230 $25,987,508 $18,113,668 $16,703,897 $22,713,792 $42,322,122 $41,467,388 $52,583,000 180% 15% Building Materials $1,888,044 $9,045,702 $0 $21,969 $97,307 $0 $15,586 $0 $8,605 (99%) 0% Food & Beverage $16,974,164 $16,722,812 $15,451,546 $15,826,527 $15,760,789 $14,946,619 $15,907,443 $15,971,881 $15,957,000 (6%) 5% Gas Stations $23,657,539 $26,138,536 $29,455,406 $28,630,574 $12,735,677 $21,755,077 $31,549,942 $28,792,347 $27,406,000 11% 8% Clothing Stores $539,933 $364,297 $179,451 $108,617 $148,343 $143,258 $97,215 $255,498 $203,400 (60%) 0.1% Gen. Merchandise $0 $0 $0 $0 $0 $0 $0 $56,368,596 $100,784,000 - 29% Restaurants/Bars $48,944,297 $51,242,810 $58,810,964 $60,856,033 $38,682,655 $48,659,872 $68,121,253 $77,413,119 $73,322,000 58% 21% Other Retail $110,566,923 $112,694,991 $117,381,131 $116,646,545 $104,542,501 $111,903,862 $114,744,399 $58,570,510 $15,626,000 (88%) 5% Total Retail &
Food Services $221,134,386 $244,870,378 $247,266,006 $240,203,933 $188,671,169 $220,122,480 $272,757,960 $278,839,339 $285,890,000 30% 82% All Other Outlets $50,357,132 $60,951,264 $62,645,143 $47,674,854 $33,536,391 $46,497,672 $85,087,980 $75,577,473 $62,304,000 21% 18% TOTAL $271,491,518 $305,821,642 $309,911,149 $287,878,787 $222,207,560 $266,620,152 $357,845,940 $354,416,812 $348,197,000 27% 100% KOSMONT COMPANIES | 81

ANNUAL SALES TAX REVENUES
BY RETAIL CENTER / CATEGORY (CONT’D)
2021 – 2025
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
2021 2022 2023 2024 2025
Marlin Cove Beach Park Plaza Foster Sqaure Metro Center Edgewater Gasoline Triton
Source: Neumo; City of Foster
City (Accessed March 2026)
• Foster Square retail has seen most
growth due to its slow lease up
after completion in 2020
• Metro Center also showed solid
growth in taxable sales (up 42%)
• The data shows that Marlin Cove
and Edgewater have very low
taxable sales due to grocery
anchors and personal services
• Triton shows extremely high sales
typically associated with fast food /
drive thru establishments
• The other centers showed minimal
growth over the period
KOSMONT COMPANIES | 82
2025 TAXABLE SALES PSF

BY RETAIL CENTER
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
Marlin Cove Beach Park Plaza Foster Sqaure Metro Center Edgewater Triton Source: Neumo; City of Foster City (Accessed March 2026) • Kosmont also examined the
taxable retail sales PSF to
measure the relative health of
each center
• The data shows that Marlin
Cove and Edgewater have very
low taxable sales due to grocery
anchors and personal service
tenants, while Triton shows
extremely high sales typically
associated with fast food / drive
thru establishments
• Beach Park Plaza is an anomaly
with under $200 in sales PSF/yr
for primarily restaurant space,
which would be too low to
justify reported retail market
rents of $40 PSF
KOSMONT COMPANIES | 83

RETAIL CENTER SALES TRENDS
Kosmont reviewed Neumo Sales Data for past five years to understand relative performance. Important to note that this data is taxable sales, so total grocery sales (only portion is taxable) and personal services (non-taxable) are not reflected.
 Citywide retail sales have grown 20% (e.g. 4% per year keeping up with inflation)  Foster Square retail has seen most growth due to its slow leaseup after completion in 2020  Metro Center also showed solid growth in taxable sales (up 42%)  The other centers showed minimal growth over the period Kosmont also examined the taxable retail sales PSF to measure the relative health of each center (see slide 29)  The data shows that Marlin Cove and Edgewater have very low taxable sales due to grocery anchors and personal service tenants, while Triton shows extremely high sales typically associated with fast food / drive thru establishments
 Beach Park Plaza is an anomaly with under $200 in sales PSF/yr for primarily restaurant space, which would be too low to justify reported retail market rents of $40 PSF
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KOSMONT COMPANIES | 84
WHAT NEXT?
2301 Rosecrans Ave., Suite 4140
El Segundo, CA 90245
TEL: 424-297-1070 | URL: www.kosmont.com

OPPORTUNITY SITES
• COUNCIL DIRECTION FOR SITES TO STUDY

COMMUNITY ENGAGEMENT
• IN-PERSON COMMUNITY MEETING – APRIL 27, 2026
• VIRTUAL COMMUNITY MEETING – MAY 2026
• FOCUS GROUPS – APRIL/MAY 2026
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KOSMONT COMPANIES | 85

CITY OF FOSTER CITY

REAL ESTATE ECONOMIC MARKET ANALYSIS - DATA
2301 Rosecrans Ave., Suite 4140
El Segundo, CA 90245
TEL: 424-297-1070 | URL: www.kosmont.com

Foster City City CouncilApril 20, 2026

Foster City City Council
April 20, 2026