SF Bay Area Life Sciences Vacancy Tight, Rent Growth Strong, with Remarkable Pre-Leasing Activity – Conversion Trend on the Rise to Support Demand

BURLINGAME/OAKLAND, Calif., January 31, 2019 – Increased investment and employment in the life sciences sector has driven life sciences related real estate to new heights, according to Cushman & Wakefield’s new report, Life Science: Great Promise & Rapid Growth. The research provides a big-picture overview of the life sciences sector and its impact on commercial real estate as well as more granular insights into 13 top life sciences markets in the U.S. and Canada. Thanks to an influx of venture capital as well as billions of dollars in funding from the National Institute of Health, the life sciences sector has grown nearly five times as fast as the economy since 2000, adding 85,000 jobs, with roughly 70% of that job growth (61,000) in the past eight years. This is primarily a response to an aging population with increased longevity. By 2030, there will be 73 million Americans aged 65 or [...]

Burlingame Point Finalizes Lease with Facebook for 803,000 SF Campus

Photo Credit: Doug and Wolf BURLINGAME, Calif., January 15, 2019 – Cushman & Wakefield announced today that Burlingame Point, a brand new approximately 803,000-square-foot (sf) office campus currently under construction in Burlingame, California, has finalized an agreement with Facebook to lease the entire project. Situated on 18.13 acres on the edge of the San Francisco Bay, Burlingame Point is a best in class office development by Kylli, a wholly-owned subsidiary of China-based Genzon Investment Group Co., Ltd. Facebook first publicly announced the lease was in negotiations to the City of Burlingame Planning Commission in August and the lease was fully executed shortly thereafter in the fourth quarter of 2018. Mike Moran and Clarke Funkhouser of Cushman & Wakefield represented Kylli in the transaction. JLL represented the tenant. Moran said, “We couldn’t be more excited that one of the world’s leading technology firms has selected Burlingame Point to expand [...]

2018 a Record-Setting Year to Remember for San Francisco Office Market

Year Ends with More Large Tech Deals, Positive Trends, but Supply Could Impact Growth Ahead SAN FRANCISCO, Calif. – January 10, 2019 – 2018 was a year for the San Francisco history books, according to Cushman & Wakefield’s year-end office market report. The firm’s quarterly publication revealed San Francisco produced a number of records this past year in the dominant office sector, including record high rents and new construction deliveries. In addition, vacancy reached a three-year low, while tenant requirements (demand) held strong. Also favorable to the market’s economic stamina, the most recent San Francisco metropolitan division (San Francisco and San Mateo counties) unemployment rate was a minimal 2.2%, dropping even further below the year ago figure of 2.6%. Year-over-year (YOY) total private sector jobs increased by 2.0% to 1,023,600 while office using positions increased 2.5% to 397,400. Overall San Francisco office market vacancy closed 2018 at just 6.4%, with [...]

Cushman & Wakefield Bolsters Tenant Rep Services in Bay Area with Hiring of Matt Chatham, Aaron Wright and Hope Keaney

SAN FRANCISCO, Calif., December 3, 2018 – Cushman & Wakefield announced today the addition of three Tenant Representation specialists in Northern California. Veteran brokers Matt Chatham and Aaron Wright have joined the firm as Executive Managing Directors, and Hope Keaney has joined as an Associate Director. All three professionals will be based in the firm’s San Francisco office and will focus on servicing clients regionally across the Bay Area and nationally. Along with his brokerage role, Chatham will also serve as Cushman & Wakefield’s Tenant Representation Lead for San Francisco. “It is with distinct pleasure that we have hired these very talented services providers, each possessing deep experience, focused discipline and work ethic and strong, sustained client relationships,” said Mike Smith, Cushman & Wakefield’s Managing Principal for the Northwest Region based in San Francisco. “As top tenant representative brokers, Chatham and Wright are individually recognized for their accomplishments in negotiating complex [...]

Italian Homemade Company Now a Permanent Resident in North Beach with Acquisition of Historic Caffe Roma Property

SAN FRANCISCO, Calif., November 5, 2018 – The Italian Homemade Company has purchased the historic Caffe Roma building totaling 5,181 square feet at 526 Columbus Ave. in San Francisco’s bustling North Beach neighborhood. Cameron Baird of Cushman & Wakefield represented the buyer in the transaction. “The Italian Homemade Company is honored to announce it is now a permanent resident of North Beach,” said Mattia Cosmi, CEO of Italian Homemade Company. “Nothing could better represent the bond between our Italian heritage and the city by the bay than the purchase of this great historic building.” Italian Homemade Company’s new location at 526 Columbus will be similar to their Union Street location featuring Italian specialties including handmade pastas and flatbread sandwiches, while also offering fresh pasta to go and a nice selection of Italian dry goods. Mr. Baird said, “The company has plans to upgrade and renovate the historic building with a [...]

Developer Buys Peninsula Office Building and Fully Leases to Tech Firm

by Roland Li, San Francisco Business Times Harvest Properties and LaSalle Investment Management have purchased a vacant office and R&D building in Foster City and immediately leased the entire building to a tech firm. The price for the 126,345-square-foot property at 1149 Chess Drive was about $35.3 million, or $280 per square foot. The sellers were Whitney Investments and Woodstock Development. The 1975 building is currently fully vacant, but during the sales process, a tech firm signed an 11-year lease for the entire building, said Joss Hanna, partner at Harvest Properties. A source familiar with the deal said the tenant focuses on artificial intelligence and robotics. The asking rent was about $36 per square foot. The building is undergoing a renovation that include a new entrance and landscaping. The property is zoned for both light industrial and office uses. "It's going to be truly transformative to an industrial building," [...]

2017-03-13T15:22:48-07:00March 8th, 2017|Categories: In the News|Tags: , , , |0 Comments

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 – June, 2015

Contained herein is a collection of news media mentions for Cushman & Wakefield's Northern California region. Stories include transactions secured by several of our brokers and updates on new projects.  The media also frequently publishes data that our team has provided via research reports. June news stories featured  George Eckard, Grant Lammersen, Jeff Cushman, Mark Andersen, Kris Kolmbach, David Scanlon, Kevin Lynch, Elaine Sahlins (Welcome to our Team, Elaine!), Ron Thomas, Reza Musavi, Dave Young and Bob Kraynak. Blog comments included remarks from Laura Duffy, Diana Harms, Victoria Garcia, Pei Hua Wang, Michelle Reyes and Stefanie Hasten.          Buchanan Street Partners Spends $25 Million on Marin Office Property rentv.com, June 30 Buchanan Street Partners has acquired Rowland Plaza, a 143.4k sf office project in the Marin County city of Novato. The property was sold by a joint venture between Barker Pacific Group and Rockwood Capital for $24.9 mil ($174/sf). Grant Lammersen and George [...]

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 [...]

C&W Named Exclusive Leasing & Property Management Company for The Towers Emeryville

815,000 Square Feet of Office and Retail Space in Three Class A High Rise Buildings February 11, 2015 KBS and C&W Team Up KBS Real Estate Investment Trust III (KBS REIT III), a real estate investment trust based in Newport Beach, California has awarded Cushman & Wakefield the exclusive leasing and property management contracts for The Towers in Emeryville, California, located on Emeryville’s prestigious waterfront. Spearheading all leasing efforts for the 815,000-square-foot project are a seasoned C&W brokerage team led by Ryan Hattersley, Daniel Bisabri, Elisa Konik and Zach Siegel. “We are incredibly excited to be working together with KBS on The Towers, Emeryville’s premiere office project. KBS plans to make significant improvements to the project and to construct spec suites that are unmatched in quality in the entire East Bay market. This will allow our Tenants to elevate their businesses to the next level. We think there is significant demand [...]