MARKETBEAT Office Snapshot Q3 2015, San Francisco

by Derek Daniels Bandwidth of Tech Boom Powers SF Market Employment in San Francisco and the greater metropolitan division (San Francisco and San Mateo counties) continued to break records in Q3 2015. Non-office sectors have certainly been on the rise, with leisure & hospitality up 5.2% and construction and manufacturing up 4.8%. The real driver of the recent jobs boom, however, has been technology jobs, with computer systems design & related services (CSD) adding 12,200 positions or 20.9% year-over-year. In fact, CSD (70,500 positions) should overtake all of financial services (73,500 positions) in total job count by early 2016. Asking Rents Jump 5.2% The overall average asking rent for San Francisco jumped 5.2% in Q3 to close at a record high of $66.71 per square foot (psf), bypassing the previous record of $66.00 psf in Q4 2000. East SOMA took the crown for submarket with the highest asking rent [...]

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 [...]

Wall Street Journal: City Living Lures Technology Firms

The Google building on 8th Ave in Manhattan. Photo: Preston Gannaway, WSJ   The Eschewing of Suburbia An interesting article recently appeared in the Wall Street Journal. Written by Eliot Brown, the story is one whose premise is not unfamiliar: Millennials continue to change the employment landscape of American cities and tech companies are leading the way in accommodating them. According to the article, especially technology companies are "eschewing suburban campuses for clusters in cities." Google in particular, is snatching up CBD office space voraciously and many of the other tech players are promptly following their lead. Urban campuses, filled with sweatshirt and jean wearing young professionals are likely to become more mainstream. Among other commercial real estate professionals, The Wall Street Journal interviewed Cushman's Executive Director J.D. Lumpkin, who advises landlords and tenants on office space in San Francisco. Lumpkin said tech companies want buildings clustered to [...]

Ellis Partners Appoints C&W’s Silicon Valley Office to Lease 101 Tech

  101 Tech & Ellis Partners Ellis Partners, one of the Bay Area’s most experienced developers recently appointed Cushman & Wakefield as the leasing agent for its 961,000 square-foot campus, 101 Tech, along Orchard Parkway in North San Jose. Cushman & Wakefield’s listing team is comprised of seasoned and talented brokers. Leading all leasing activities are Jeff Cushman, Jim McPhee, Michael McMillan and Scott Dever. 101 Tech’s existing 296,000 SF newly renovated Class A office/R&D building boasts efficient floor plates and robust infrastructure for extraordinary cost savings.  It is also fully-entitled for an additional 665,000 square feet within three proposed Class A office buildings that have unparalleled freeway visibility from Highways 101 and 87.   101 Tech Video: Now Live on YouTube and Vimeo “Across the Bay Area, Ellis Partners has enjoyed great success with Cushman & Wakefield in leasing several of its Bay Area assets. Now that we’ve completed the renovation [...]

Q3 – Marketbeat Office Snapshot, San Francisco

November 1, 2014 By Robert Sammons, Regional Director San Francisco Bay Area Research 4.5% Unemployment The San Francisco unemployment rate fell to 4.5% in the most recent (August) month available, down from 4.8% in July and 5.5% one year earlier, according to the State of California Employment Development Department. Total nonfarm employment climbed by 35,500 positions over the past twelve months. The office using sector (information, financial activities and professional and business services) jumped by 15,100 positions over the same period. Vigor & Vitality The San Francisco office market retained its vigor and vitality in the third quarter. Many data points have now reached or surpassed the levels of the last up cycle of early 2008 though the market has yet to close in on the record figures set in 1999. The Citywide overall vacancy rate dropped to 8.3% in the third quarter, down 60 basis points (bp) from the second [...]

2017-03-01T16:01:57-08:00November 1st, 2014|Categories: In the News|Tags: , , , , |0 Comments