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46

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→

47

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→

48

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→

49

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→

50

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→

51

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→

52

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→

53

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→

54

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→

55

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→

56

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→

57

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→

58

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→

59

Interesting Recent Survey of Employees Back in the Office

Sep 2, 2020

Rich Commercial Realty in Raleigh, North Carolina recently had a survey of thousands of their clients, vendors and contacts asking about the current usage of office space. 69% reported currently occupying their space, and those who hadn’t and asked when, 25% said the next three months, 13% said the next six months, and 62% weren’t…Read More→

60

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→

61

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→

62

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→

63

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→

64

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→

65

Snippets of the Impact of COVID-19 on Commercial Real Estate

Apr 9, 2020

Over the past week I have been on a number of commercial real estate podcasts and webinars, trying to learn what is happening and will happen to our commercial real estate market in the United States. Here are a few nuggets I have picked up. One international real estate company interviewed a number of their…Read More→

66

Get Paid $10,000 to leave the Bay Area, but on the other hand Oakland and San Jose renters among the nation’s Top 10 Happiest!

Nov 12, 2019

A new startup called MainStreet entices employees frustrated by the high costs of the Bay Area by paying them $10,000 to relocate to a less expensive locale like Salt Lake City or Sacramento, they keep their tech jobs and work remotely from A co-working location where 20 people from 7 or 8 different companies may…Read More→

67

Is WeWork An Impending Train Wreck?

Oct 29, 2019

WeWork has 528 locations in 111 cities in 29 countries as of June 2019. Before its valuation collapsed from 48 billion to 20 billion during the past month, it had identified 280 additional cities as targets. In 2018 it lost 1.6 billion and the first six months of 2019 it lost $690 million. “Landlords have…Read More→

68

Smart Buildings: Sensor costs low enough for reasonable payback

Oct 25, 2019

I recently attended a presentation on Cybersecurity and Smart Buildings, and I was blown away by the many potential benefits (and one major concern) in this emerging industry. The experts giving the presentation included executive David Colby from Schneider Electric SE (a $29B Fortune 500 multi-national manufacturer of HVAC and IoT hardware); a cybersecurity expert,…Read More→

69

Bay Area Housing Playing Catch Up with Tech, Facebook CEO says

Oct 14, 2019

“Facebook CEO Mark Zuckerberg said during a publicly broadcast Q & A with employees that his company is looking elsewhere for growth because of the Bay Area’s housing and traffic issues. The infrastructure here is really tapped. Housing prices are way up. Traffic is bad.” “Facebook’s largest locations outside of the Bay Area are Seattle,…Read More→

70

How Companies are Cutting Down on Office Space

Jul 22, 2019

Using sensors and the new software analytics are helping companies to cut their office space by 30% or more.  Microsoft used this and “this has meant significant financial savings and it could mean Microsoft can make further consolidations that save it tens of millions of dollars.”  Bisnow.com July 2019

71

Uber Elevate

Jul 3, 2019

Commercial building rooftops – Meet The Jetsons!  Most of you may be too young to remember the cartoon show back in 1962/1963 where everyone was getting to places in their personal flying cars.  Now Uber Elevate is planning a flying car business to use rooftop skyports to pick up and drop off passengers.  With a…Read More→

72

Michigan Startup

Jun 25, 2019

The first inside page of the May/June 2019 Business Facilities magazine was an ad for Michigan Economic, “The startup culture in Michigan is like no other.”  For sure, if you want very affordable housing, which according to Zillow, the median rent price is $850 and median home sales is $350,000.  Here in the overpriced and…Read More→

73

The IoT will become increasingly important in the operations of commercial buildings

Nov 1, 2018

The Internet of Things will become increasingly important in the operations of commercial buildings, keeping operating costs down, increasing building efficiencies, and improving employee satisfaction with their work environment. As one small example, if air conditioning repairs can be made before the unit breaks due to sensors and new technology, this can save money. If…Read More→

74

Tech companies get into the housing game

Oct 29, 2018

Google has plans to build 5,000 homes on its Mountain View property and 9,850 housing units at its future North Bayshore property … “Live, work, play and stay”. Bishop Ranch plans to build 478 apartments within its business park. Facebook plans to build 1,500 housing units at its Willow Campus in Menlo Park. (The Registry,…Read More→

75Self-driving cars will be here soon

Self-driving cars will be here soon

Aug 22, 2018

  How will autonomous cars affect how your employees commute, what impact on your building’s garage and what other impacts on the way we do business? It is happening faster than you think. “By the end of this year, Waymo plans to launch the world’s first commercial ride-sharing service in the Phoenix metro area using…Read More→

76

Experience the Smart Office Building

Aug 8, 2018

Intel has a short online video showing how tech can enhance the office environment. It starts where an app tells the driver what parking spaces are available, sensors scan the employee, allowing access through security, the smartphone telling you which desk is yours for the day (or hour), and on and on. A little scary…Read More→

77The Future of Self-Driving Cars UX: Augmented Reality, Office Cars and More…

The Future of Self-Driving Cars UX: Augmented Reality, Office Cars and More…

Aug 8, 2018

I recently saw one of the futures of office space, a Mercedes Benz with four seats facing each other around a small conference table, driverless, of course, so you can have meetings while on the way to more meetings. https://artplusmarketing.com/the-future-of-self-driving-cars-ux-augmented-reality-office-cars-and-more-50a134f152e7

78

CORPORATE OFFICE PERSPECTIVES | AUGUST 1, 2018

Aug 1, 2018

“Of the Bay Area residents who are still here, nearly half of those surveyed recently said they plan to move out of the region in the next few years, according to a poll released in June by the Bay Area Council.” (Bay Area News Group, July 15, 2018) Folks are leaving in droves, selling their…Read More→

79

Retrofitting Commercial Properties Towards Net-Zero Energy

Jul 18, 2018

Ray Evans and Jeff Weil, July 29, 2015 When we first began research for this topic, the thought was how we can determine by priority the most economically viable levels of commercial property retrofit towards zero-energy efficiency. What work has the biggest payback and what tax deductions or tax credits are available to facilitate economic justification…Read More→

80

Step Into Your New Virtual Office

Jul 12, 2018

The future of the office – it might be all in your head, with the increasing viability of virtual reality hardware and software. Put your smart glasses on, and your virtual office opens up, photos of your kids are on your virtual desk, your files are ready to be opened, you can pull up your…Read More→

81

Facebook Officially Confirms Mega-lease Enables Sunnyvale Move

Jul 12, 2018

Recently Facebook signed a lease in San Francisco for 750,000 square feet. This week it was reported that Facebook also signed a lease in Sunnyvale at Moffett Towers II for one million square feet! Industry experts are concerned that we might run out of office space. However, out here in the Eastbay the I-680 Corridor…Read More→

82

Facebook takes all of wework’s 456,760 sqft subleased space at the village of san antonio in mountain view

Jul 12, 2018

I’ve been giving speeches at various organizations, forecasting the market, where we are headed, if we are in a bubble (or two), and in my presentation I mention Facebook’s lease last month of the last available office building in San Francisco, taking all 750,000 sf, then, a few weeks later, leasing one million square feet…Read More→

83

Mcnellis: Does Wework at All?

Jul 12, 2018

A very interesting article by John McNellis, Principal at McNellis Partners, and a sometimes astute contrarian, on WeWork. The shared office company leases 14 million square feet of office space, is reportedly valued at $20 billion, has 220,000 “subtenants”, and needs a 60% occupancy to break even. They lost $934 million last year, and just…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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Contact Information:

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

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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