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Entries Tagged as 'San Francisco Office Space'

San Francisco Office Space Update

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San Francisco, the City by the Bay, is known for its natural beauty, welcoming spirit, tourism, and most notably, its high tech industry. Entrepreneurs have been flocking to San Francisco since the Gold Rush. Today, San Francisco is considered the leading financial and cultural center of Northern California.

This diverse city has numerous neighborhoods in which to take up office space, including the Financial District, South of Market (SOMO), Yerba Buena, Mission Bay, and Union Square, just to name a few.

Current Conditions

Despite the economic conditions in the National office space marketplace throughout the past few years, San Francisco has experienced a trend of limited office space vacancies and increasing office rents.  These conditions are expected to continue until new office space construction catches up.

District

Total Vacancy

Average Rental Rate

Financial District

8.6%

$51.98 SF

SOMO

4.5%

$53.91 SF

Mission Bay

18.6%

$63.11 SF

Union Square

7.3%

$45.74 SF

 

Market Outlook

The decline in California’s unemployment rate over the past twelve months seems to indicate continued economic productivity and a strong office market.  Office development is currently under construction, and more ground-breakings are expected within the year. 2013 promises to be another steady year in San Francisco’s commercial office space market.

San Francisco Office Space Information Links

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By: James Osgood

Office Space , San Francisco Office Space

US Office Space Markets are Showing Modest Improvement

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The CCIM Institue has come out with their market analysis of the commercial real estate sector and it calls for very modest growth in the office space sector (full discussion below). Slower employment growth, as would be expected is the main culprit.

"Office Space: Office markets are showing only modest improvement. Office employment has increased 2.2 percent during the past year, compared to average growth of close to 3.0 percent during the past cycle and well over 4.0 percent during second half of the 1990s. Moreover, firms continue to find ways to squeeze more workers into fewer square feet. Even with modest growth, net absorption has risen for five consecutive quarters, but growth is exceptionally modest by past standards. With little new construction, vacancy rates have edged lower, falling 0.4 percentage points over the past year to 17.2 percent, according to Reis.

While the overall market is seeing only modest gains, there are a few pockets of strength. Major technology centers, including the San Francisco Bay Area, Seattle, Austin, and Raleigh, N.C., all continue to see strong demand. Rents have grown the most in the San Francisco Bay Area and New York, which is also increasingly driven by the tech sector.

Despite the sluggish pace of recovery, office property sales have increased this year. Properties in key technology centers, areas with a great deal of exposure to healthcare, and a few major energy markets, such as Houston, continue to outperform most other major markets. New York appears to be successfully navigating the slowdown in the financial services industry and is seeing an influx of technology jobs. Washington, D.C., however, has seen demand for space and buyer interest wane as continued anxiety and uncertainty about the federal budget has sent chills through market. The suburbs of Washington, D.C., are faring better with the tech sector fueling gains in northern Virginia and healthcare driving gains in suburban Maryland and Baltimore."

Source

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Commercial Real Estate , Manhattan Office Space , New York Office Space , Office Space Negotiations , San Francisco Office Space , Seattle Office Space , Washington DC Office Space

Good News for Office Space This Week

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Over the past week we have tweeted quite a few times on the improving office space market. While we all like to hear news of an improving economy, what good news for the office space market means is that the office space market is in the process of beginning its transition from a tenant market to a landlord market. As has happened with economy in general (and will hopefully continue), this process will take a couple of years for the transformation to complete. The process will not be even from market to market, but we will see markets such as New York, Washington DC and San Francisco lead the way in declining vacancy and increasing rental rates. As employment continues to improve other primary and secondary markets will follow. The general consensus is that this will take a couple of years to happen, but most are in agreement that most markets have hit bottom and rental rates will begin to climb.

For tenants who have been on the fence as to whether or not to renew or relocate their office, now is a good time to get started to ensure a low rental rate for a long-term lease.

Recent tweets:

Manhattan Office Property Surges Bolstered by a stronger-than-expected recovery in hiring http://ow.ly/a7NMm

The Jumpstart Our Business Startups (JOBS) Act: What You Need To Know http://ow.ly/a6Wma

It's slow all over - The US #officespace vacancy rate at the end of March stood at a whopping 17.2% http://ow.ly/a6DOw

#OfficeSpace lease opportunities to tighten in second half - Office Rents on teh rise http://ow.ly/a5cxl

Information and media companies pass Wall Street as top leaser of #officespace in New York as office rents increase http://ow.ly/a3G5t

U.S. #OfficeSpace Sector Records 8th Straight Quarter of Improving Fundamentals - Asking Rents on the rise http://ow.ly/a3FRc

ULI: Consensus of Economists Sees Promising CRE Outlook Through 2014

Why Is Your Landlord Sprucing Up Your #Officespace Building? http://ow.ly/9W5IM

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Manhattan Office Space , New York Office Space , Office Space Negotiations , San Francisco Office Space , Washington DC Office Space

Coworking Irresistible Offers - Will you buy in?

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Coworking is the latest trend to hit the Office Space market. I thought it would be interesting to find out what they think they are selling. To do so I decided to track down the tag lines many coworking spaces are using. Here is a sampling of them. As you can see, the ideas that permeate are that "It's The People" who you can collaborate with and an "Alternative to the traditional workplace" are the most important ingredients.

Love Where You Work - Select Office Suites NYC

Individuality Without Isolation – Office Nomads Seattle

A Physical Social Network - WeWork NYC, SF & LA

Community Center for Independents – New Work City NYC

Where Entrepreneurs Work and Connect – Green Space NYC

Where Change Goes to Work – The Hub SF

The Workplace for the New Economy – NextSpace SF

Collaborative Office Space to Think, Work and Innovate – Co-Spot SF

A Nicer Place to Work – Citizen Space SF

Building the World We Want to Live In – Hub Seattle

A Coworking Boutique – The Mill Seattle

Space. Work. Network. – The Yard Brooklyn

Work. Learn. Make. – 3rd Ward Brooklyn

Rethinking the Workplace – WorkBar Boston

Better Work Starts with Better Coworkers - Independents Hall Philly

A Workspace Retreat from Traditional Office Monotony – Work/Playce Philly

You name your passion and we will help you find a way to make it grow – Spice Factory Chicago

Neighborhood coffee house built for mobile professionals, freelancers, creatives and anyone else who would like to get work done – Topics Chicago

A clubhouse for entrepreneurs, designers, and geeks – The Speak Easy Indy

A Place to Work & A Place to Grow – 151 Locust Atlanta

You know how you always wonder where all the cool kids hang out? Well, wonder no more - Lightbulb Charlotte

work FOR yourself, not BY yourself - Blankspaces LA

Boston Office Space , Chicago Office Space , Coworking office space , Flexible Workspace , Manhattan Office Space , New York Office Space , Office Rental , Office Space , Philiadelphia Office Space , San Francisco Office Space

Reports: Office Rental Rates to Rise This Year

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According to two reports, one by Cushman & Wakefield and the other by Marcus & Millichap, office space rental rates will begin to rise again by the end of 2011 or early  2012. The increase in office rental rates will not be across the board, but uneven throughout the country. Markets that will see the biggest increases in office rental rates are expected to be Washington DC, San Francisco and Midtown Manhattan. The reason; improving employment and limited new construction. According to Marcus & Millichap less than 20 million square feet of new supply is scheduled to come on line throughout the US in 2011. More confirmation that the bottom of the market is here.  For tenants wanting to make sure they can take advantage of the low office rental rates, now is the time to either renew, renegotiate of relocate to get the best possible office rental rates. Contact us if you would like the assitance of a top local tenant rep. We'd be happy to help!

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Manhattan Office Space , New York Office Space , Office Rental , Office Space , Office Space Negotiations , Office Vacancy Rate , San Francisco Office Space , Washington DC Office Space