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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: 296
Tags: commercial real estateoffice spaceoffice trendsofficetimesreal estate
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One of the most comprehensive Office of the Assessor reports is for Santa Clara County, and one of the most respected County Assessors in the United States is Lawrence E. Stone. I’ve met Larry and he is a very astute individual. San Jose Magazine once named him one of Silicon Valley’s 100 most powerful leaders. Their latest report on the 2018-2020 taxable year showed that $5,307,117,553 was collected in property taxes. Google led the pack, paying $65 million, followed by PG&E with $64 mil and Apple with $59 mil. On the cover of this latest report was a photograph of the Glendenning Farm which back in 1851 had an assessed value of $6,000 and now is the Apple Campus, valued at $4.2 billion…quite a difference and think of all the services Santa Clara County is able to provide it’s residents with this revenue stream!

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Jeffrey Weil, CCIM, MCR.h, SIOR

Executive Vice President
San Francisco Bay Area
1850 Mt. Diablo Blvd., Suite 200
Walnut Creek, Ca 94507
CA Lic. 00786195
Phone: +1 925 279 5590
License #: CA-00786195
Email: jeff.weil@colliers.com

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