March 6, 2009
Back in January we had a post about falling rents in Redwood Shores. Less than two months later and Equity Office has cut the rates again. On February 19th, EOP cut rates at its 201-203 Redwood Shores buildings to $3.35 FS from $3.65 (-8%), and today EOP cut its asking rents at 255 & 275 Shoreline buildings to $2.75 FS from $2.95 FS (-6.7%).
It also cut rates at 333 and 555 Twin Dolphin to $2.95 FS from $3.25 FS (-9.2%) since our last update.
In what could be my CNBC moment, I am going to go out on a limb and say that this likely isn’t the last cut, and that asking rates will probably begin to stabilize at somewhere around $2.50 FS at 201-203 Redwood Shores Parkway, $1.95 at 255-275 Shoreline, and about $2.25 at 333 and 555 Twin Dolphin.
- Equity Office Drops Redwood Shores Rents; Highlights Trend
- Getting Warmer: EOP Drops Redwood Shores Rents Again
- Electronic Arts To Slash 1500 Jobs
- Cheaper Rents Bolster Fremont Activity
- Second Quarter Silicon Valley Office Space Leasing Activity