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