Twitter In Office Rent Default at HQ, and National Office Stats
Twitter Being Sued For Not Paying Almost $7 million in Rent On SF Headquarters. Square sublet 78,000 sf of Downtown Oakland office space to Callisto in 2021 but now Callisto has put their space on the sublease of a sublease market. The total office vacancy in the Oakland office CBD market ranges from 18-25% depending on which brokerage source is used. (I went to eight different sites and the vacancy stats were all over the board!)/ The national office vacancy according to my favorite commercial real estate firm Colliers, is now 15.7%. At the end of 2022. The CBD vacancy is 16.2% while suburban vacancy is 15.4%. Nationally there is over 100 million square feet of new office space under construction. 4th Q 2022 saw 14 million square feet of negative office absorption. Average Class A lease rates are $41/rsf per annum, with $87/rsf in Manhattan, $80/rsf in San Francisco, and $54/sf in Seattle. If I can assist you with our commercial real estate needs in any way Jeff.Weil@Colliers.com Thank you!
