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The Office Market Is Going Up and Down at the Same Time!

Mar 11, 2021 | Posted by Jeff Weil | Bay Area Housing, California Economics, Commercial Real Estate, Commercial Tenant Improvement Contractor, Employment, Newsletter, Office Furniture, Office Furniture Vendors, Office Space, Pandemic, Real Estate Landlords, Sublease, Technology, The Office Market, Trends, Trends for Office Tenants, U.S. Economics, Working From Home, Workspace |

On the one hand you have Salesforce just announcing it was putting 225,000 sf of San Francisco office space on the sublease market (on top of the 8+ million square feet already on that market) as well as cancelling a 325,000 sf office lease near its Salesforce Tower that had yet to be built. Bad news for the office market! But in the same week, good news with a Singapore real estate investor paying $1,057 a square foot for the 397,000 square foot Uptown Station at 1955 Broadway in Downtown Oakland! I have heard a number of fellow office leasing specialists comment that they have had more tenant activity during the past two weeks then they have seen over the past six months!  Maybe business is beginning to believe vaccinations are real and there actually is a light at the end of this tunnel…

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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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