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San Francisco Apartment Rents Down 20%, Office Markets May Take Until 2025 To Recover

Oct 6, 2020 | Posted by Jeff Weil | Bay Area Housing, California Economics, Commercial Real Estate, Commercial Tenant Improvement Contractor, Employment, millennials fleeing theses states, Newsletter, Office Furniture, Office Furniture Vendors, Office Space, Real Estate Landlords, Residential Real Estate, Residential Real Estate Agents, Sublease |

According to SocketSite, which tracks the San Francisco rental market, year-over-year apartment rents were down 20S%. The Bay Area regional planning agency, The Metropolitan Transportation Commission, is considering a mandate that large Bay Area employers have 6-% of their work force permanently work from home. Reported in today’s  East Bay Times, ‘Significant increases in available sublease office space are a nationwide phenomenon but Cushman & Wakefield indicated in its report that the Bay Area is being hammered to a greater extent than the nation’s other major office markets.’ While we are mentioning Cushman & Wakefield, on September 27, 2020 the headline in one major business report read “Office Real Estate Market Will Get Back to Pre-Covid Level, in 2025”. Ouch! “In all, a net 215 million square feet of office vacancy will have been lost due to the pandemic…the situation will be the worst in the West.”

 

 

 

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Jeffrey Weil, CCIM, MCR.h, SIOR

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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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