Bit and Pieces Of Major Office Leasing/Subleasing/Development News
Tidewater Capital just received approval for a 420,000 sf Oakland CA office tower, so Hope Springs eternal with office developers despite the current and near-term market. At least one regional bank is requiring employees back to the office. AT&T is mandating managers return to the office, and Blackrock is requiring four-days a week in the office. Uber just placed 286,549 sf of never-occupied San Francisco office space on the sublease market. In Sacramento, CA, the 500,000 sf Centene campus is no on the sublease market, with the lease going through 2035. Roku, the streaming company, has put an entire 162,600 sf office building at 1143 Coleman Ave. In San Jose on the sublease market. Nationally, office leasing ticked-up in the first quarter of 2023 to 96.7 million square feet, up from 91.3 million in the fourth quarter of 2022. The average deal size shrank to 3,179 sf, one of the smallest average sizes in years.
