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46

National Office Statistics Update

Jul 20, 2023

Credits to Stephen Newbold, National Director of Office Research for Colliers. The national vacancy rate just went up to 16.4%, which is a record high. The suburban rate is 16.0% and CBD rate is 17.3%. There are 88 million square feet of new office buildings under construction, with 12 mil in New York City, 8.1…Read More→

47

Empty Office Buildings Are Being Turned Into Vertical Farms

Jul 13, 2023

Clara O’Brien, writing in Modern Farmer July 11, 2023 wrote a thought-provoking article about using vacant office space to grow fruits and vegetables. “In Calgary, Alberta (Canada) AgriPlay Ventures transformed part of underutilized office space in Calgary Tower Center into one of Canada’s largest indoor urban farms earlier this year…Currently, AgriPlay Farms is negotiating offers…Read More→

48

Key Findings From ResumeBuilder Survey

Jul 7, 2023

ResumeBuillder surveyed 1,500 full-time corporate workers in June, 2023 and found that: 85% of workers go to the office at least once a week 63% said going to the office improves productivity, top reason being more efficient teamwork 13% said productivity goes down in the office, and 25% of these say it’s a result of…Read More→

49

Damaging Results Of Mandated Return To Office

Jun 27, 2023

Gleb Tipursky in Entrepreneur referenced three recent reports, The Greenhouse Candidate Experience Report, The Federal Reserve’s Survey of Household Economics, and Inspace’s Returning For Good report. “Unispace finds that nearly half (42%) of companies that mandated office returns witnessed a higher level of employee attrition than they had anticipated. And almost a third (29%) of…Read More→

50

Office Building Owners Pay Down Mortgage In Exchange For Loan Extensions

Jun 26, 2023

There have been reports of office building owners paying down their building mortgages so their lender would give them a loan extension. There were several examples in a recent Bisnow article, all with loans that were sent to special servicers which usually means the loan is in default. In the examples mentioned it appears the…Read More→

51

Conversions From Office, Retail Mall, To Residential Picking Up

Jun 20, 2023

There was an announcement today about a 41,000 square foot office building in San Rafael, California being turned into 41 studio apartments ‘for those formerly unhoused’. The same Bisnow report also mentioned that Tishman Speyer just secured $150 million in financing to turn a Washington D.C. shopping mall into multifamily. They will demolish the 1970’s…Read More→

52

The Largest Shopping Center in San Francisco Is Going Back to The Lender

Jun 13, 2023

  We reported recently that the 312,000 square foot anchor tenant, Nordstrom’s, was shutting down after 35 years, and if you have ever walked on Market Street where the center is located you would experience the huge homeless and drug problems that scare shoppers away. Office occupancy in San Francisco is the lowest in the…Read More→

53

San Francisco Office Buildings May Be Doing Worse Than Elsewhere In U.S.

Jun 6, 2023

I was on a conference call this morning with senior SIOR office members from all around the country and while their office markets are not faring well, no where does it appear to be in the deep hole that is prevalent today in San Francisco. With a 30% overall vacancy rate and major users still…Read More→

54

My Long-Term Prediction of The Office Market

Jun 2, 2023

I’ve been making predictions of the office market in my newsletter, now in its 43rd year of publication. My predictions have almost always come true, and these can be substantiated through my published back issues. There will be several varying factors that will be part of how our office space market stabilizes, and unfortunately with…Read More→

55

National Office Stats Paint Brutal Picture

May 10, 2023

The latest Colliers national office report shows sublease space at a record high, negative net absorption, and overall office vacancy in the United States now at 6.1%. “The gap between asking and effective rents remains significant. Tenant improvement allowances of $100 per square foot or more, accompanied by up to 10 to 18 months of…Read More→

56

Cutting Expenses With Vacant Office Space

May 8, 2023

FacilityExecutive Magazine April 2023 had a sobering prescription for corporate real estate executives faced with excess office space, employees not expected to return to the office, a looming recession and in general no expectations that the vacant space will be occupied anytime soon. “To begin with everything must be on the table: Restack office space,…Read More→

57

At Least In San Francisco, Some Office Buildings Selling for 60% Of Their Former Value

May 4, 2023

In an article written by John McNellis, one of the top commercial real estate gurus, and published in the SF Business times April 28, 2023, John lays out the case that at least in San Francisco, office buildings may have lost 60% if their value, compared to just a few years ago before Covid taught…Read More→

58

Working From Home Or From the Office…Depends

May 3, 2023

Lyft recently mandated that all employees must work in the office Mondays, Wednesdays, and Thursdays, with Tuesdays recommended. They will also be allowed to work remotely one month each year, and those living too far from offices are not required to come in. Many call centers have remote workers, and some have begun to make…Read More→

59

When An Office Building Is Even Suspected of Being In Trouble, Other Negative Events Happen

Apr 21, 2023

  We are hearing about more office buildings rumored to be having financial issues. In some cases, there is a mortgage loan coming due and the owner is having trouble refinancing as recently many insurance lenders and banks have made office loans ‘off limits’. It may be that the vacancy of the building has increased…Read More→

60

Quick Update On Feb 2023 Major Investment Sales and March CMBS Data

Apr 12, 2023

David Amsterdam, President of Colliers U.S. Capital Markets put out his latest report.   Year Over Year, Office is down 66%; Industrial is down 52%; Multifamily is down 76%; Retail is up 36%; and Hospitality is down 53%. Unless you have a totally leased office building, credit tenants with terms longer than the loan it…Read More→

61

A Torrent Of Commercial Real Estate Postive News!

Apr 7, 2023

After hearing from a few of you how doom and gloom some of my blogs and newsletter contact have been, here are a few of the Bisnow April 7, 2023 headlines: Google forges ahead with new office construction; Stonehill closed Q1 with 300M in transactions; Wilson Sonsini signs 119k office lease in midtown Manhattan; Veris…Read More→

62

80% Of All commercial Bank Loans Come From Regional Banks

Mar 27, 2023

Nicole Goodkind of CNN wrote in an article headlined “Commercial real Estate Is In trouble. Why you should be paying attention”, that office and retail property valuations have been falling sine the pandemic brought about lower occupancy rates and changes where people work and how they shop. The Fed’s efforts to fight inflation by raising…Read More→

63

A Most Interesting Comparison: downtown Oakland vs Downtown San Francisco

Mar 22, 2023

  SFGATE had an interesting comparison of the retail activity in Downtown Oakland as compared with Downtown San Francisco. Oakland wins hands-down with packed restaurants, crowds of people heading to clubs and concert venues, versus San Francisco’s downtown which is a ghost town. Oakland’s unemployment rate is 3.4%  at the end of 2022, ‘down from…Read More→

64

Real Estate Investment Trusts (REITS) Values Have Dropped In Recent Days

Mar 16, 2023

Bisnow reportedt that the infection of the recent Silicon Valley Bank failure as also hit the REIT sector, with the U. S. largest REIT, Boston Properties, losing 14% of its value since last Thursday and Alexandria Real Estate Equities, the biggest life scient landlord, losing 12% of its value, according to Bisnow. Several of the…Read More→

65

Hybrid Office Schedules Beginning To Take Focus

Mar 8, 2023

    In a recent New York Times article by Emma Goldberg, “Business leaders are in a phase of trial and error that comes with staggering stakes. They are figuring out how many days to call employees back to the office, and on to of that, how strictly to enforce their own rules.”  Office occupancy…Read More→

66

The Office Market Will Get Uglier Before It Regains It’s Beauty

Feb 23, 2023

Headlines in today’s THEREGISTRY, Columbia Property Trust Defaults on $1.7B in Mortgage Notes on Buildings in San Francisco, Across The Country. The portfolio of seven buildings includes 650 California St. and 201 California St., both in San Francisco, as well as buildings in New York City, Boston and New Jersey.  The San Francisco office market,…Read More→

67

Major SF Downsize (another) and Major Los Angeles Office Loan Default

Feb 21, 2023

  Slack just announced it is giving up 230,000 sf of headquarters office space at 500 Howard St. in San Francisco and moving into Salesforce Tower. Salesforce owns Slack. Down in Los Angeles, Brookfield defaulted on $784 million in loans on two downtown Los Angeles office towers, 555 West Fifth Street and the other at…Read More→

68

Still Looking For Positive News About The Office Market…

Jan 23, 2023

  Meta (Facebook) just put 432,000 square feet of Class A San Francisco office space on the sublease market, with a lease term running until March 2031. This adds office inventory to the current 28% San Francisco office vacancy. Up in Portland, KBS REITS just defaulted on a 224,000 sf LEED Gold-certified office building with…Read More→

69

Corporations May Want To Pay More Attention To Working-Alone Space In Bringing Employees Back To The Office

Jan 17, 2023

  Janet Pogue McLaurin with Gensler, one of the nation’s gurus on predicting the future of corporate office layouts, functionality, and many other nuances of the office environment, wrote an article illustrating the key findings of a recent Gensler survey of CoreNet Global end users. ”Respondents rated the space effectiveness for each of the five…Read More→

70

Commercial Real Estate Distress Starts As A Trickle, Will The Torrent Be Ahead Of Us?

Jan 16, 2023

Two commercial real estate stories caught my eye in the January 12th, 2023 Bisnow daily newsletter. I think they are just warning signs of what might be coming throughout 2023 and beyond.  A few weeks ago I blogged that a number of major banks were unloading at a discount office building loans, and that in…Read More→

71

Salesforce Plans To Shed Significant San Francisco Office Space

Jan 10, 2023

  On top of already putting hundreds of thousands of square feet of San Francisco office space on the market, Salesforce just announced it will lay off 10% of it’s employees. The company is taking a $450-650 million dollar write-off due to office space reductions. It currently owns or leases 1.9 million square feet of…Read More→

72

Colliers Reports Dramatic Decrease in Investment Sales Volume

Jan 9, 2023

In a January 5, 2023 report by Aaron Jodka, Head of Research for Colliers U.S. Capital Markets, investment sales volume was down in November 2022 72% as compared with November 2021. Strong early-2022 numbers will still make last year a terrific success, but industrial volume is now down 80% and multi-family down 74%. Central Business…Read More→

73

71% of Corporate Real Estate Professions Predict A 20% Drop In Office Demand

Jan 3, 2023

Bisnow Dumber 16, 2022  “More than 71% of corporate real estate professionals say they expect hybrid work to result in space demand reductions of at least 20%, according to a survey from Colliers and CoreNet Global. Almost 19% expect that demand to shrink by 40% or more, while just 7% believe that the move to…Read More→

74

For The Second Straight Year, Almost 1% of California Residents Moved To Another State

Dec 26, 2022

According to the Census Bureau data, for the year ending July 1, 2022, 343,000 California residents left the state. However, 106,000 births and 125,700 net international immigration  resulting in a net loss of 113,000. Meanwhile, Texas grew by 470,00, Florida by 416,000 and North Carolina by 133,000.  Of course, with our limited water supply and…Read More→

75

Vast Majority Of Corporate CRE Pros Predict At Least 20% Office Demand Drop

Dec 19, 2022

Bisnow Dec. 16, 2022 “Hybrid work plans are starting to become set in stone across more of corporate America, and as more companies finalize their policies, how much office space they are going to cut from their footprints is becoming clearer. More than 71% of corporate real estate professionals say they expect hybrid work to result in…Read More→

76

Lender Pullback From Commercial Real Estate Lending

Dec 15, 2022

At the Bisnow December 8, 2022 D.C. Region Finance and Deal-Makers Summit, major commercial real estate lenders discussed how they are dealing with the current turbulent times. “The pullback is happening across all asset classes, given how this year’s sharp rise in interest rates has dramatically altered the math for new deals. But Ekeroth, Regional Director with Northwestern…Read More→

77

Employees Want Better Tech, Not Snacks Or Massages

Dec 7, 2022

Bisnow December 6, 2022: “In an effort to entice employees back into the office, companies have ramped up digestible perks like beverages and food, but a recent survey conducted by proptech firm Essensys indicated that employees don’t care about snacks or other frivolous amenities — they want better technology and flexible workstations. Of the 1,000 U.S. workers the…Read More→

78

Perhaps Remote Work Has A Huge Positive Impact On Corporate Earnings?

Dec 6, 2022

In The SFRegistry December 2, 2022, Marc Benioff, founder and CEO of Salesforce said this: “There’s a lot of things pre-pandemic that we had in our company that are expenses that we don’t need post-pandemic,” Benioff stated. “So before the pandemic, the percentage of remote workers for Salesforce was approximately 20 percent. For other companies…Read More→

79

Only 33% of corporations plan to reduce office space!

Dec 5, 2022

In a BisNow article published November 17, 2022, “Fifty-eight percent of those surveyed plan to improve or expand their existing occupancy, Many are also implementing new procedures or technologies to help manage the shifting flor of employees into the office. Although hybrid work schedules are now the norm for 70% of workers, only one-third of…Read More→

80

The Office Market Will Improve…But Maybe Not For Three to Five Years The New York Times recently published a lengthy article titled ‘After pandemic, office buildings are still in trouble”. “ The value of office buildings could plunge 39%, or $454 billion, in the comping years, according to a recent study by business professors at Columbia University and New York University…In a sign of how fast the market has turned down in some places, companies are giving up space that they leased only months earlier. Meta, the parent of Facebook, recently decided to sublet the space that it signed up for about 10 months earlier in Austin, Texas, Meta must still pay the rent on 589,000 square feet, but its decision to find somebody else to occupy the space could push rents down across Austin, which until recently was seen as a thriving and growing technology hub.” In discussions with senior office brokers during this past week I shared this story. Most were more optimistic, and brokers representing landlords felt the market would come back sooner than most expect. They believed corporate leaders would begin to mandate at least three days back in the office, just like Salesforce just announced for some employees, and this would require the same amount of office space as a five=day return. Other experts told me, yes, the office market will return, but it may take three to five years…

Dec 2, 2022

The New York Times recently published a lengthy article titled ‘After pandemic, office buildings are still in trouble”. “ The value of office buildings could plunge 39%, or $454 billion, in the comping years, according to a recent study by business professors at Columbia University and New York University…In a sign of how fast the…Read More→

81

We Space, Not Me Space

Nov 17, 2022

Credit for this statement goes to Jessica Pernicone, principal at JLL. “There is a certain amount of productivity you can get from being at home when you have heads-down deep work. However, if that’s not what your job requires all the time there are feelings of isolation and people start to feel disconnected from their…Read More→

82

Stanford and UC Berkeley Are World Leaders In Startup Founders

Nov 11, 2022

Sara Bloomberg in the SF Business Times Nov. 4, 2022 reported that according to Pitchfork, Stanford University and UC Berkeley are the top producers of startup founders om the world.  Harvard and MIT were next at #3 and #4.  This is reassuring as a future source of new companies requiring Bay Area office space!

83

Shorter Leases, Smaller Footprints

Nov 10, 2022

Joseph Gordon with Bisnow wrote on November 8, 2022 that according to a number of sources, new office leases showed 18% fewer deals as compared to Q3 2021, and 15% less than Q3 2019. The average size of the deal also went down 16% in 2022 as compared to 2019. Leases are also getting shorter…Read More→

84

Is This The Sign Of The Times? Meta Expects To Pay $2 Billion In 2022 To Back Out Of Office Leases

Nov 9, 2022

Bisnow October 27, 2022 reported “Dave Welner, chief financial officer of the company that owns Facebook, Instagram, WhatsApp and other platforms, said on its third-quarter earnings call Wednesday that Meta expects to lose roughly $2B from its cutback on office leases this year.”. Then today Meta said it was slashing 11,000 jobs.  Lyft is trying…Read More→

85

Office Vacancy Is Still Rising

Nov 7, 2022

  According to the latest Colliers U.S. Research Report, office vacancy went up in the third quarter 2022 with San Francisco and Seattle posting the largest increases and Dallas and Houston seeing their vacancy rate come down. San Francisco is now above 20% as compared with Manhattan which is at 11%. “Class A asking rates…Read More→

86

Between 2018 and 2021, 352 Corporate Headquarters Have Left California

Oct 27, 2022

Between 2018 and 2021, 352 Corporate headquarters have left California. The three top relocation destinations were Texas, Tennesee and Nevada. The main reasons given for thir exodus include California’s high taxes, the cost of living, the heavy regulations and the legal environment. Of the 153 that left just last year, 80 dwere from Los Angeles,…Read More→

87

Published in FUTUREiOT October 25, 2022, “New Sensing Tech To Make Smart Buildings Adaptive To The New Normal”

Oct 26, 2022

  “ABI Research forecasts sensor shipments will grow from 18.5 million devices to surpass 300 million by 2030, a CAGR of 35%.  “Traditionally, sensing in the commercial building sensing market has been tied to establish systems, such as heating, ventilation, and air conditioning (HVAC), fire and safety, and access control, but a range of additional environmental sensing technologies,…Read More→

88

San Francisco Greater Bay Area Predicted to Grow By 4.8% in 2022

Oct 25, 2022

  As reported in the San Francisco Business Times October 18, 2022, “Layoffs and economic uncertainty notwithstanding, the Bay Area is expected to enjoy economic growth of 4.8% this year, fueled by what remains strong performance from the tech sector, according to new research from the Kenan Institute of Private Enterprise. The report, 2022’s Fastest-Growing…Read More→

89

Industrial Real Estate National Vacancy 3.7%!

Oct 24, 2022

  According to a just-released Colliers national U.S. Industrial real estate report,  the national average is 3.7% vacant ranging from a low os 0.7% in Reno/Sparks, Nevada to a high of 8.8% in Huntsville, Alabama.  There is 656.0 million square feet of new industrial space currently under development, with the Dallas/Fort Worth area accounting for…Read More→

90

Are 20 Cities Who Will Pay You To Move There!

Oct 22, 2022

In the October 21, 2022 San Francisco Business Times article, 20 cities were mentioned that will pay folks to pack up and move to their city. Here are a few examples, and the incentives range from giving you a discount on buying a home there, unlimited golf membership, free use of co-working spaces, free fitness…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
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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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