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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 | Posted by Jeff Weil | Uncategorized |
Post Views: 289
Tags: commercial real estateoffice spaceoffice trendsofficetimesreal estate
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Jeffrey Weil, CCIM, MCR.h, SIOR

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1850 Mt. Diablo Blvd., Suite 200
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CA Lic. 00786195
Phone: +1 925 279 5590
License #: CA-00786195
Email: jeff.weil@colliers.com

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  • Jeffrey Weil
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  • +1 (925) 279 5590
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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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