C&W Northern California In the News – July 2015

Apple Dives into SoMa for First Big S.F. Real Estate Grab SF Business Journal, July 29 The San Francisco office market may get its first big bite of Apple. Apple Inc. is rumored to have leased approximately 76,000 square feet of office space in a South of Market building located at 235 Second Street. Cushman & Wakefield's John Lewerenz represented CBS Interactive, who is the sublessor. Thompson Dorfman Selling Commercial, Residential Sites in Foster City The Registry, July 19 Mill Valley-based Thompson Dorfman Partners is selling an approximately one-acre parcel entitled for 52,000 square feet of commercial development in Foster City. The company also put on the market an approximately 1.5-acre development site approved for 20 townhomes nearby at 1136 Triton Drive. Plans call for the 20 luxury Pilgrim-Triton Townhomes portion of the project to include two- and three-bedroom for-sale units and 48 parking spaces. Real estate brokerage Cushman & Wakefield, is the advisor on [...]

C&W Marketbeat Office Snapshot – Q2

By Robert Sammons Research Director, Northern California Economic Overview Private sector jobs for San Francisco have climbed to a record high of 922,500 as of May 2015, an increase of 39,400 (4.5%) year-over-year. The traditional office divisions recorded an increase of 25,200 positions or 6.9% over that same time period. Not surprisingly, the strongest subsector in office employment has been computer systems design & related services, which climbed by 10,000 positions or 18.2% to 64,800 year-over-year. The unemployment rate tumbled to 3.4% from 4.1% one year ago. Sublease Vacancy Up/ Leasing Activity Down The overall vacancy rate Citywide held steady at 6.4% in the second quarter. Year-over-year, vacancy has dropped 250 basis points (bps) from 8.9%. We feel the disparity between strong job growth and recent flat vacancy is due to two reasons - tenants that signed leases ahead of hiring and are now in the process of absorbing that [...]