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181

Major Corporations Continue Downsizing

Feb 9, 2021

While this may not be the norm everywhere in the United States, here in San Francisco one day’s news release was another blow to not just the office market but much more significant in many ways. First, there was a SF Business Times article that Uber may be quietly shopping 300,000 square feet of its…Read More→

182

Silicon Valley One Of The Nation’s Hottest Office Markets

Feb 8, 2021

According to a recent report by CBRE, Silicon Valley will be one of the hottest markets, nationwide, for future office development. “The San Jose metro area, defined as Santa Clara County, is touted as the No. 1 market for future development of office space and is also seen as an excellent market for retail and…Read More→

183

Office Space May Be Down But Not Out

Feb 4, 2021

  Even though in many regions in the United States there is a flood of office sublease space and there are reports that Corporate America may be giving up 25% of all their office space, long-term, due to partial or total remote working, there are still tens of millions of feet of new office projects…Read More→

184

Yelp Just Listed It’s San Francisco Headquarters For Sublease

Feb 4, 2021

Yelp just placed 14 stories at 140 new Montgomery St., San Francisco, totally 161,876 square feet, and plans to retain a HQ in San Francisco. “With more employees working remotely we’re reducing some of our footprint in San Francisco, but we will still maintain our HQ office there,” the Yelp spokesperson said, adding that the…Read More→

185

The United States Office Market Continues To Struggle

Jan 29, 2021

David Amsterdam, President of Colliers Capital Markets, just sent out a bulletin with the following bullet points: Q4 negative absorption of 40.9 million sf is second-highest on record…ten metros posted negative absorption of at least one million (New York, Los Angeles, San Francisco, Chicago)…Sublease space now a record 188 million sf. I have been doing…Read More→

186

It is Definitely Not A Good Sign When Major Corporations Start Selling Their Campuses

Jan 25, 2021

Last week Oracle placed three of their Peninsula office buildings on the for-sale market, after announcing a few weeks ago they were moving their headquarters to Texas. Now NetApp just announced they will sell their 702,200 square foot Sunnyvale office campus. They have not announced leaving California…yet.  I started researching all the links to states…Read More→

187

Office Market To Return Mid-2022, and Corporate America To Shed 25% of Their Office Space?

Jan 23, 2021

At a recent webinar where I forecast what was going to happen in the various commercial real estate segments over the next few years we had several surveys. One was asking our audience, which included CPA’s, bankers, realtors and lawyers, when they thought the office market was going to return, and the overwhelming consensus was…Read More→

188

Is Oracle Selling Part of Their Peninsula Office Building Portfolio Mean Worse is Going to Happen?

Jan 21, 2021

  It is bad enough that San Francisco Bay Area corporations are putting leased space on the sublease market, packing up and moving part of their operations to Texas or elsewhere, but when major companies begin putting their office campuses on the ‘for sale’ market this is a much more serious sign of what might…Read More→

189

Quote From February 2020 Newsletter Unfortunately Comes True

Jan 20, 2021

  In case you weren’t aware I have been writing and publishing a newsletter, Corporate Office Perspectives, for the past 43 years and it goes out to tens of thousands of subscribers every other month. If you would like a free subscription just go to www.officetimes.com to sign up. In my February 2020 was the…Read More→

190

New survey shows 29% of C-suite executives considering moving their operations out of state or country

Jan 20, 2021

In a survey of 150 C-suite executives conducted by the firm West Monroe, 29% are considering relocating their operations out of state or out of the country due to the high cost of living and high tax burdens. The top relocation is Texas, and the largest region of where these companies will be relocated from…Read More→

191

Implications of Covid-19 On The Workplace

Nov 24, 2020

  Colliers just completed a study Implications of COVID-19 on the Workplace with data from more than 5,000 global respondents.  76% reported same or improved levels of productivity. 74% felt connected to their team even though not physically with them  67% experienced improvement in work-life balance, and 83% wanted to work from home at least…Read More→

192

Corenet Global Covid-19 Implications: Working Remotely Or Back to the Office?

Nov 24, 2020

  Cynthia Milota of Ware Malcomb and Sally Augustin, Design With Science, wrote an article for Corenet Global discussing working from home vs returning to the office. “Organizations are re-imagining their mobility profiles. W1ill they be remote first with come in-office presence, or will the model largely be in-office first while allowing for remote work?…Read More→

193

Tenants Vacate Records Amount Of Sublease Space

Nov 14, 2020

  This was  the headline of a Bisnow report from a few days ago, citing 42 million square feet of new subleases hitting the market with 73 U.S. markets reporting negative absorption. Then the next day the Colliers ‘Disruption 2020: Office Sublease Continues To Rise, reporting that sublease space is 30 million higher than it…Read More→

194

If you need office space, but not sure how much or for how long

Nov 12, 2020

One idea is, using your exclusive tenant rep broker, to go after office subleases that might be much larger than your initial requirement but can accommodate your growth longer-term, and then make aggressive offers (yes, I know this will irritate some listing  agents) 50% or even 25% of asking…in today’s market there may be Sub-landlords…Read More→

195

Are Elevators Safe During A Pandemic?

Nov 11, 2020

I’ve been researching just how safe elevators are during a pandemic, and while the risk factor might be low, you are still better off not having to ride in one. Is the cab small, limited to just one or two people, or  is it a larger elevator cab that can hold 4 standing 6 feet…Read More→

196

The Why of Why in Workplace

Nov 6, 2020

Maya Donnon, Sven Schroeter of KSS Architects (among other co-authors) in a Corenet Global article titled ‘Why Workplace’ discuss the paradox corporate America is going through. They cite Facebook who has committed remote work as a permanent option for its employees while at the same time committing to millions of feet of new office space….Read More→

197

Not Good News For The Office Industry!!

Nov 1, 2020

BISNOW Oct. 30, 2020 reports that real estate companies think they’ll need less office space. “More than any other industry, real estate has a vested interest in making sure office occupiers don’t cut their real estate footprint. Office is the largest of the real estate asset classes, and a reduction in demand would lead to…Read More→

198

The San Francisco Bay Area Is Being Hit Hard by Employees Fleeing For Lower Cost Regions

Oct 29, 2020

According to the East Bay Times, “At least 1 in 5 residents in high-priced cities say they have already moved or expect to – a possible harbinger of significant change in the Bay Area. This is the biggest, fastest transformation of how we work since World War II” said Adam Ozemik, chief economist at Upwork….Read More→

199

168.8 Million SF Of Office Sublease Space, 33.5 Million SF of Negative Absorption

Oct 15, 2020

  Stephen Newbold, National Director of Office Research for Colliers International reported that in Q3 of 2020 the United States experienced 33.5 million sf of negative absorption and office subleases in the US hit a record at 168.8 million sf. This is more distressing than we experienced during the Great Recession. The bad news was…Read More→

200

Major Corporate Users Around The U.S. Dealing Differently With Planning Return To Offices

Oct 14, 2020

  A number of large office users have delayed the return to their offices until mid-2021, while others have told their employees they can work remotely permanently. Facebook and other major players have allowed their employees to relocate to lower-cost regions, some taking a pay cut but still saving substantially over their previous San Francisco…Read More→

201

Two Major Northern California Lab and Office Campuses Show Long-Term Strength

Oct 13, 2020

The downtown San Jose Google 79-acre development currently in planning stages will have 5,900 residential ‘dwelling units’, 500,000 square feet of retail stores, restaurants and cultural buildings, and 7.3 million square feet of office space. In the old days this might translate to 35-45,000 employees, and after Covid is gone may again be at this…Read More→

202

Office Sublease Space Flooding the Market Nationwide, and More Than Half Tech Companies Plan to Get Rid of Space

Oct 9, 2020

  Office subleases are hitting the markets bigtime, from New York to San Francisco, Boston, Houston and many other major markets. Millions of square feet of excess space, with millions more expected to follow. Companies are finding that they can not only survive with working from home, many are thriving, despite the absence of corporate…Read More→

203

Deutsche Bank, Along with Others, Considering Permanent Office Space Reduction To Allow Work-From-Home

Oct 7, 2020

Bloomberg News reported September 25, 2020 that Deutsche Bank AG is considering a hybrid model of allowing staff to split work between office and home, although a Morgan Chase spokesperson warned that staff productivity might slip if they work remotely too long, and a UBS Group spokesperson commented that working from home makes it harder…Read More→

204

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

Oct 6, 2020

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…Read More→

205

Sorry But A Dire Forecast Just Out by the California Economic Forecast Consultants

Sep 17, 2020

  A report just out by the California Economic Forecast predicts more doom and gloom than I would have liked to have read. “The economy however is not back to the pre-crisis status. During most of Calendar 2020 and in much of the first half of 2021, ongoing economic restrictions will have resulted in millions…Read More→

206

Report Out on Top 25 US Metro Office Markets

Sep 16, 2020

A report just released by Colliers International on the top 25 US Metro Office Markets, show Atlanta on top with 2,055,717 sf of YTD positive net absorption, while New York (Manhattan) had a negative net absorption of 3,375248 sf and San Francisco had a negative net absorption of 3,004,410 sf. Other notables was Seattle with…Read More→

207

Working Remotely Might Cause You Owing Taxes If In Another State

Sep 3, 2020

  Something for employers to caution employees who are thinking of moving to a lower-cost state but continuing to work remotely. In an article in the New York Times, there are some states that will tax your income based on where you did the work, and others based on your residence, and it is possible…Read More→

208

Two Sides to the Same Office Coin

Sep 1, 2020

On the day Pinterest announced paying $89.5 million dollars to cancel a 490,000 square foot office lease they had previously signed for a project that was going to be built in San Francisco’s South of Market, due to a change of where employees would be located, developer Jay Paul announced it is going ahead with…Read More→

209

San Francisco Office Vacancy Rate Doubled in 2nd Quarter

Sep 1, 2020

San Francisco now has an estimated 6.5 million square feet of office sublease space. Direct Class A rents are still among the highest in the country, averaging $84 an annual square foot, but Class B rates are now in the $50-60/rsf range. In the Bay Area several companies have announced they will relocate their headquarters…Read More→

210

Office Sublease Space May Soon Flood U.S. Markets

Aug 31, 2020

A number of regions are reporting an avalanche of new office sublease space. I was on an SIOR national broker call and my associate in Dallas, Texas said they had 4.6 million square feet of new office sublease space come on the market in just the past three months. She reported that in one day…Read More→

211

When An Employee Can Work Their High-Paying Tech Job From Anywhere, Why Stay In High Priced Housing?

Aug 30, 2020

I have been reading more and more about folks paying astronomical rents (ie $5-6,000 for a two-bedroom in SF) or crazy-high home prices (median home price in San Francisco $1.3 million) packing up and heading to Lake Tahoe, to Austin Texas, and other regions. I have associates who moved to remote areas of California where…Read More→

212

Office Employees Are Returning To the Office Slower Than Originally Projected

Jul 30, 2020

It was expected by many in the office industry that with the pandemic now in its 6th month occupancy levels would be in the 25-50% range, but a number of national landlords report occupancy much lower. “Oxford Properties U.S. Head Office Chris Mundy said his firm had initially expected buildings would reach around 25% occupancy…Read More→

213

Could Google’s Decision to Delay Employee Return until July 2021 Portray a Long-term Pandemic?

Jul 29, 2020

There has been a lot of hype on the world getting a vaccine in late 2020, or early 2021, after which life will hopefully return to normal. However the announcement by one of the smartest and largest corporations in the world, Google, that they will let employees work from home until at least July 2021…Read More→

214

Current State of the Greater Bay Area Office Leasing Market

Jul 17, 2020

I attended a webinar this week with office specialists from JLL, C&W, Cresa and Newmark Knight Frank, representing San Francisco, the Peninsula, the East Bay and Silicon Valley. In San Francisco for the most part when March hit, the world just stopped.  Nothing was happening, and tenants only did what they had to do. Along…Read More→

215

How to Make Your Office or School Air Safer From Covid-19

Jul 16, 2020

First off, I am in no way an expert in this but just an office broker who has spent many decades representing office tenants in their space needs. However, I have been doing a lot of reading and researching. If your building has openable windows, great, let the outside fresh air in. Most newer buildings…Read More→

216

Most Office Workers Want To Return To The Office

Jul 15, 2020

In an article today in GlobeSt.com, a recent survey by Gensler found that only 12% of workers want to work full-time from home and 70% said they want to spend most of their week in the office. “Meetings, socializing and impromptu face-to-face interactions with colleagues were ranked as the top reasons people wanted to head…Read More→

217

How Office Buildings Might Be Valued Differently Since Covid-19

Jul 7, 2020

The Society of Office and Industrial Realtors (SIOR), of which I have been a proud member for over thirty years, interviews top brokers on a variety of issues and publishes these interviews. Neil Dailey, SIOR, office broker with McGraw Commercial Properties in Tulsa, Oklahoma, stated this about the new view of office buildings: “I also…Read More→

218

Japanese Tech Company Cutting Office Space In Half

Jul 6, 2020

Nikkei Asian Review just reported that Fujitsu will cut their office space in Japan in half over the next three years. Teleworking will be made a standard practice, and Fujitsu has introduced a policy that will limit the number of employees in the office at any one time to just a quarter to its total….Read More→

219

Major Commercial Property Sales Down 70-95%

Jul 2, 2020

Real Capital Analytics, which tracks national commercial real estate sales, reported on June 25, 2020 that May sales volume was down 79% year over year.  Industrial was the best performer category (only down 70%), office volumes were down 82% and apartments were down 81%. Retail dropped 83%, and all of the above looked comparatively strong…Read More→

220

Corporate Goals In Leasing Suburban Office Space During the Pandemic

Jul 1, 2020

There have been a number of reports, both regionally as well as nationally, that predict corporations will begin leasing suburban office space to accomplish several goals. First, they need to increase employee separation during the pandemic, and it is much cheaper to lease space in the suburbs to accomplish this. Secondly, companies that are above…Read More→

221

San Francisco Office Subleases Soar, Rents Predicted to Drop

Jul 1, 2020

San Francisco has over 4.5 million square feet of available office space for sublease, and some brokers are predicting that this may cause direct office space rents to drop by as much as 10-20%. The Covid-19 is not the only reason for this spike in available space. There were a number of new office projects…Read More→

222

How Does Commercial Real Estate Make Decisions Not Knowing if the Virus Will be With us for Months, Or For Years?

Jun 29, 2020

In National Real Estate Investor June 2020 Elaine Misonzhnik writes on page 3, “The virus might be with us indefinitely. (The World Health Organization has predicted it might take up to five years to get it under control.) And to declare the end of cities, decide that everyone should work and learn from home permanently…Read More→

223

The Office As A Perk?

Jun 20, 2020

To quote Michael Tannenbaum, CFO of BREX, “Think of the office as a perk what you offer…when you start to think of it has a perk, you can start to say, are we getting the value out of this office relative to other things we can be offering?”.  I have to totally disagree with this…Read More→

224

National Survey of SIOR Office Brokers: Don’t Expect a Return to Normal Anytime Soon

Jun 17, 2020

The Society of Industrial and Office Brokers (SIOR), the elite national organization of the top office and industrial brokers in the country, just surveyed their membership. One SIOR commented he has seen rent discounts of between 10 and 13 percent due to the COVID-19 pandemic, and that during the last three down cycles rents ended…Read More→

225

COVID Impact On Office Space Update May 28, 2020

May 28, 2020

Salesforce, with 9,000 employees in three San Francisco office towers, will have temperature scans on every floor, mandatory masks, six-foot separations, hand sanitizers everywhere and cleaning throughout the day. Work areas and conference rooms will be at half-capacity or less and employees will arrive at staggered times. The Bay Area Council surveyed 123 companies last…Read More→

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Jeffrey Weil, CCIM, MCR.h, SIOR

Executive Vice President
San Francisco Bay Area
1850 Mt. Diablo Blvd., Suite 200
Walnut Creek, Ca 94507
CA Lic. 00786195
Phone: +1 925 279 5590
License #: CA-00786195
Email: jeff.weil@colliers.com

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  • Jeffrey Weil
  • Colliers International
  • 1850 Mt. Diablo Blvd., Suite 200
  • +1 (925) 279 5590
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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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