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California Unemployment Rate Hovers at 12.4%

January 22, 2010

Tweet Unemployment in California is sitting pretty steady, and now sits at 12.4%. December of 2008, the unemployment rate was a 8.7%. The job market continued to be extremely weak, with 80% of the states reporting an increase in unemployment. The biggest sectors to lose jobs over the past twelve months are: Construction, down 16.1% […]

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Obama Has 10 Months

January 22, 2010

Tweet Lots of talk about Obama’s plans to regulate banks, limit their prop trading, etc. Well, the people have spoken in Massachusetts of all places, and he now has 10 months to make the big changes he promised the constituents. Otherwise the midterm elections will be ugly. We might not get healthcare, but that doesn’t […]

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Silicon Valley Apartment Rents Fall 11.5%

January 21, 2010

Tweet Now at a 3-year low, Silicon Valley apartment rents have come down 11.5% from Q4 of 2008. The numbers are derived from an analysis of 426 complexes comprised of more than 78K units. Large complexes in Santa Clara County were 94.7 percent occupied last quarter, up slightly from 94.5 percent in the third quarter […]

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Grubb & Ellis Q4 2009 Office Report

January 15, 2010

Tweet Grubb & Ellis has sent us their 4th Quarter Market Trends report for Silicon Valley. More of the same with the exception that we’re seeing to see some tenants make some moves. Over 1.8 million square feet of new construction has hit the market since the beginning of 2009. New construction accounted for 41.4 […]

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Symantec Sells Cupertino Buildings to Walton Street

January 7, 2010

Tweet Cupertino-based Symantec (SYMC: 25.33 -0.28%) has finally closed on the sale of it’s 300,000 square foot building at 20300-20330 Stevens Creek in Cupertino. We first announced the plan by Symantec to sell off its remaining Cupertino assets back in March of 2009. The 20300-20330 buildings began being marketed during the summer and went into […]

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Macklowe’s Back as CMBS Delinquencies Continue To Rise

January 6, 2010

Tweet After suffering some pretty big losses over the past two years, Harry Macklowe is back. This time he has teamed up with CIM Group to take control again of the development site on Park Avenue in New York. The partnership between Macklowe and CIM will pay off about $510M of debt on the site, […]

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Grubb & Ellis Releases Annual Forecast

January 6, 2010

Tweet Grubb & Ellis has released its annual forecast for 2010. Long story short, recovery won’t arrive until 2011. Here is the summary of the forecast for the various sectors: Investment Sales – Commercial Real Estate Investment Transaction Volume to Grow in 2010 Office – Vacancy Rates Will Reach Modern-Day Record Industrial – Recovery in […]

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AIA Projects 13% Fall in Commercial Construction

January 6, 2010

Tweet The American Institute of Architects (AIA) isĀ forecastingĀ that office, retail and hotel development may fall 13% this year. In July, they were forecasting 12%. ndustrial construction spending is likely to slump the most this year, 24 percent, and an additional 7.8 percent in 2011, the institute said. The group expects hotel building to also fall […]

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Retail Squeeze: Retail Assets Fall Into Distress

January 6, 2010

Tweet InsideBayArea has an article out discussing some of the retail projects that have fallen into foreclosure. The projects listed include: Saigon Village LLC, owner of a Vietnamese-themed retail village that us proposed for Stevenson Boulevard between Cedar Boulevard and Albrae Street in Fremont, listed $18.5 million in mortgage debts and a property value of […]

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The Invisible Hand: 18% of Personal Income From Handouts

January 5, 2010

Tweet David Rosenberg, the chief economist of Gluskin Sheff, and former Chief Economist for Merrill Lynch, has put out this chart. Take this back to normal levels, and then tell me what the real GDP and unemployment numbers are please… [via Business Insider]

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