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It’s True, There is an Exodus out of California!

Nov 14, 2019 | Posted by Jeff Weil | California Economics, Newsletter, Residential Real Estate |

Will the last one to leave please turn the lights off? Oh, I forgot, that is what PG&E has been doing…The San Francisco Business Times 11/8/2019 edition reported that we had 691,000 folks leave California last year and only 501,000 new people migrating into California. Folks coming in are from Washington, Texas, New York, Arizona and Florida among other states, and those leaving headed to Texas, Arizona, Washington, Nevada and Oregon. However, the Public Policy Institute of California projects California’s population, now at a paltry 39 million, will reach 44 million in just 11 years…and 48 million by 2040!

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During 2019 in the City of Walnut Creek, California, only counting office buildings over 20,000 square feet, there were over 876,596 square feet of buildings sold for a combined sales value of $389,473,000. San Francisco reports that office sales doubled year-over-year. During the third quarter, $2.6 billion dollars of San Francisco office buildings sold totaling 3.3 million square feet. These are huge transfer tax generators and as I have done in the past, caution the various government agencies not to count this a reoccurring revenue stream as this phenomenon is not sustainable in the long run and should not be used for long-term budgeting. Enjoy it while we have it, but at least for the East Bay we have had the majority of our Class A office properties change hands over the past five years, and there is only so much you can squeeze out of an office building, even with rising rents.

Dec 20, 2019

Jeffrey Weil, CCIM, MCR.h, SIOR

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  • Jeffrey Weil
  • Colliers International
  • 1850 Mt. Diablo Blvd., Suite 200
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Contact Information

  • Jeffrey Weil
  • Colliers International
  • 1850 Mount Diablo Blvd., suite 200
  • CA Lic. 00786195
  • +1 (925) 279 5590
  • jeff.weil@colliers.com
  • www.officetimes.com

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