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SF Fed Real Estate Lending Update

August 13, 2009

Tweet The 12th District of the FED has put out a real estate lending update. On the commercial side, some interesting stats: Construction and Land Development Loans noncurrent past 90 days amount to 12% in this district’s banks “The CMM model suggests rising loss rates over the next several years for longer-maturing loans, but also […]

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7.2% Cap Rate on Union Square Retail

August 7, 2009

Tweet The Business Times is reporting on a sale to occur in San Francisco’s Union Square area. The sale of the 11,000 SF mixed-use 239 Grant Avenue took place at $8.5M ($773 psf), representing a 7.2% capitalization rate. The buyer was Peter Tso, the seller Frances Chen. Sales have been few and far between, but […]

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Hines and Sterling American Forfeit 333 Bush

July 29, 2009

Tweet Hines and Sterling American have decided to return 333 Bush Street to the lender. The 550K SF property was acquired at the peak of the market in 2007. The deal fell on its head in September 2008 when the law firm Heller Ehrman, a tenant anchoring 14 floors at the building, voted to dissolve. […]

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More Signs of Trouble in San Francisco

June 22, 2009

Tweet A couple months ago we featured a map which plotted default notices and trustee sale notices in San Francisco. We’ve decided to revisit the map and provide some perspective of how things have changed since April. Not surprising, the number of defaults, trustee sale notices, and actual sales (red) are up by almost 100%, […]

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MySpace/Fox Interactive Highlights Trend

June 5, 2009

Tweet We’ve been saying for some time that office vacancy will continue to climb for sometime even if the employment numbers begins to stabilize. Despite all their efforts to be proactive, most companies are reactive to economic conditions when they are deteriorating. As a result, we see companies continuing to go deeper when considering cuts […]

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One Rincon In Trouble

April 19, 2009

Tweet San Francisco is even tougher than San Diego … They have a stronger socialist tradition in San Francisco than in San Diego, and they mistrust the profit motive. They believe in extracting more money from the business community. Such were the words of Urban West Associates’ (the developer behind One Rincon Hill) Mike Kriozere […]

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They’re Coming: Commercial Foreclosures Gaining Steam

April 16, 2009

Tweet The SFGate has an article on the coming wave of commercial real estate distress as it relates to San Francisco. Given where buildings were changing hands at in 2006-2007, and where rents and vacancy are today and where they are headed, this is a natural adjustment for the market. Unfortunately there will be a […]

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Consumer Price Index (CPI) Falls 0.4% in March

April 15, 2009

Tweet The US Consumer Price Index (All Urban Consumers) numbers were released, and they registered the largest annual drop (-.4%) since 1955. Prices have been under pressure as demand has fallen for goods, and we are coming off a year which had significantly higher energy prices. Regionally, the CPI data is released bi-monthly rather than […]

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Surprise: San Francisco Office Rents Are Falling

April 8, 2009

Tweet Bloomberg has a hit piece out on San Francisco office landlords, in which it cites Colliers International’s numbers: Q1 2009 office rents in the “city” dropped 24%, year-over-year Class A rents fell from $50.92 to $38.80 psf/year Office vacancy rose to 13.2 percent from 12.6 percent in the previous quarter, and up from 10.2% […]

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San Francisco’s Bong Su Latest Victim; Restaurants Hit Hard

March 10, 2009

Tweet With increasing unemployment, falling discretionary incomes, and cost cutting at the corporate level, restaurants are being hit hard everywhere. In California, 1 out of 10 jobs are restaurant jobs, and there are some 61,336 eating-and-drinking places in the state (according to National Association of Restaurants) as of 2007. In San Francisco alone, there are […]

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