2Q 2019 Office Market Performance
San Francisco, aka Camelot:
- 10.4 M square feet available (direct + sublease).
- 8.2% total available. Up 1/2%.
- 4.2M sf under construction (will add 4% to total inventory).
- Market size 121M sf
- Total Net Absorption, 1Q: 164,000 sf.
- 2018 Net Absorption, 5.1M sf.
- Total 1Q leasing activity at 2.7M sf, lowest in 3 years.
- Lowest number of transactions in 10 years.
San Mateo County:
- 5 M square feet available (direct + sublease).
- 9.1% total available. Up 1/2%.
- 2.8M sf under construction (will add 6% to total inventory).
- Market size 52M sf
- Total Net Absorption, 1Q: 20,000 sf.
- 2018 Net Absorption: 53,000 sf.
- Lowest number of transactions in 8 years
Alameda/Contra Costa Counties:
- 12.4 M square feet available (direct + sublease)
- 11.2% total available. Up 1/3%.
- 2M sf under construction (will add <2% to total inventory).
- Market size 111M sf
- Total Net Absorption, 1Q: 262,000 sf
- 2018 Net Absorption, 785,000 sf
- Lowest number of transactions in 9 years.
Santa Clara County (Silicon Valley):
- 15.2 M square feet available (direct + sublease)
- 9.2% total available. Up 1/2%.
- 6.1M sf under construction (will add 5% to total inventory).
- Market size 128M sf
- Total Net Absorption, 1Q: 302,000 sf
- 2018 Net Absorption, 3.42M sf
- Lowest number of transactions in 10 years.
After reading through this Market Editorial, please see our collection of educational articles we’ve written for our tenant community.
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2Q 2019 Top Leasing Transactions
SAN FRANCISCO
| Tenant | Address | Sq Ft |
| Zynga | 650 Townsend | 185,000 |
| Autodesk | 50 Beale | 118,000 |
| Glassdoor | 50 Beale | 117,000 |
| Samsara | 1 DeHaro | 116,000 |
| 1455 Market | 78,000 |
SAN MATEO COUNTY
| Tenant | Address | Sq Ft |
| Atreca | 835 Industrial Rd, San Carlos | 100,000 |
| Lucile Packard Children’s Hospital | 4700 Bohannan, Menlo Park | 63,000 |
| Exabeam | 100 E. Hillsdale, Foster City | 53,000 |
| Upstart | 2950 S. Delaware, San Mateo | 48,000 |
| Lucile Packard Children’s Hospital | 4100 Bohannan, Menlo Park | 47,000 |
EAST BAY COUNTIES (Alameda/Contra Costa)
| Tenant | Address | Sq Ft |
| Credit Carma | 1100 Broadway, Oakland | 123,000 |
| Asset Mark | 1655 Grant, Concord | 97,000 |
| WeWork | 2600 Camino Ramon, San Ramon | 86,000 |
| AEye | 1 Park Place, Dublin | 56,000 |
| Lawrence Berkeley Labs | 415 20th, Oakland | 41,000 |
- Free preliminary office lease and operating expense review;
- Free consultation to discuss project management, Team formation and project schedule;
- Market surveys and our specific tenant-driven leasing recommendations ; and
- Assistance in selection and coordination of all Team members throughout planning and negotiation phases.
| How many blocks of space are available for YOU? | San Francisco County (Q1 2019 v. Q2 2019) | San Mateo County | East Bay Counties |
| 5,000-9,999 sq. ft. | 268/257 -4% |
Call us for | more info |
| 10,000-19,999 | 154/160 +4% |
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| 20,000-29,999 | 51/43 -19% |
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| 30,000-39,999 | 18/17 -19% |
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| 40,000-49,999 | 16/19 +19% |
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| 50,000+ | 38/22 -73% |
You can request a free space survey, containing all direct and sublease space meeting your specific requirements. We can also provide building photographs, floor plans, leasing histories, and more. To discuss your space needs in person, call 415-434-2820 or email Dan@TheSpacePlace.net
The top companies controlling the most space available are NOT landlords….Rather, they are office leasing brokerage firms acting with the landlord’s interest in mind. They are:
CBRE
JLL
Cushman & Wakefield
Colliers
Newmark, Cornish & Carey
These brokerage firms control over 61% of all listings and are beholden to more than 440 local landlords, paid to drive up rental rates and drive down concessions for tenants.
Since their allegiance is committed to so many landlords, how can they possibly represent YOUR interests—the tenant’s interests—objectively and aggressively?
We believe that representing tenants – and only tenants – is a noble cause, our specialty for over thirty years. We greatly appreciate our clients’ confidence and kind words about us, our level of advocacy and enthusiasm to negotiate aggressively ….. and mind the details while guiding the leasing process. Thank you!
505 Montgomery Street, Suite 1100
San Francisco, CA 94111
C: 415-999-9244
T: @MihalovichCRE
E: dan@TheSpacePlace.net
W: www.TheSpacePlace.net
License # 01376000