Weakness In Apartments; San Jose Rent Falls Most

November 10, 2009

Tweet With unemployment at record numbers, it is no mystery that rents and vacancy rates would weaken in apartments. Especially hit hard are high priced areas such as San Jose, New York, and San Francisco, places where tenants typically leave if they remain jobless. What is also fueling the decline in vacancy rates is the home […]


US Office Vacancy At 5-Year High; Rents Plummet

October 7, 2009

Tweet REIS is out with data on the US vacancy rate, and it continues to hike down the hill. Vacancy is now at 16.5%, a five-year high. Meanwhile, office space rents are falling at the fastest pace in a decade. Negative absorption in the third quarter proved to continue at a greater level than it […]


News From Around San Jose

September 24, 2009

Tweet There were some news items in the Mercury News over the past few days concerning downtown condos, the earthquakes, and redevelopment. We didn’t get around to posting on them individually, so here’s a collective roundup. San Jose Earthquakes showed off renderings of their new stadium. Article from Mercury News is here, while renderings are […]


RREEF Portfolio Under Distress

July 28, 2009

Tweet RREEF was an aggressive acquirer of Silicon Valley real estate over the past several years. The acquisition spree began in earnest when RREEF acquired a large tract of R&D buildings in Silicon Valley from Equity Office. Following up that was the massive acquisition of the Peery/Arrillaga portfolio in 2006. The portfolio consisted of some […]


Trouble in North San Jose For Tishman Speyer

June 29, 2009

Tweet Tishman Speyer has defaulted on the loan it used to finance the purchase a 40 acre site from BEA Systems in 2007. Tishman paid about $60 psf ($108M) for the site in March of 2007, which BEA Systems then parlayed into the purchase of the office tower at 488 Almaden from Sobrato. Tishman had […]


Schwarzenegger To Propose Sale of San Quentin, Agnews

May 14, 2009

Tweet Schwarzenegger is set to propose today that the State of California sell San Quentin, Agnews, and other property around the state. Locally, Agnews is an 81-acre site near Santa Clara and North San Jose surrounded mostly by Cisco Systems (click picture for larger view). The site is located at 3500 Zanker Road, and is general […]


Hunter Storm and Wolff Get $43M Discount From City of San Jose

April 7, 2009

Tweet The City of San Jose has granted Oakland A’s owner Lew Wolff, and Cupertino-based Hunter/Storm Development a $43M discount on the purchase price of land that had been negotiated last year. According to a Mecury News article covering the topic, the City will instead sell 65-acres for $89M instead of the originally priced 75-acres […]


$2 Million For the Knight Ridder Sign?

April 6, 2009

Tweet According to a report on KCBS, the Knight Ridder sign space on 50 W San Fernando (pictured) in Downtown San Jose is up for sale for a reported $2M, plus additional monthly rent. That’s a ridiculous amount of money. Undoubtedly the signage is pretty impressive, and it probably can’t be replicated, but it’s relatively […]


Year End Forecast: 27.5% Vacancy, Rents Down by 23.5%

March 23, 2009

Tweet According to numbers released by ForesightAnalytics, the year-end vacancy forecast for the San Jose market is 27.5%. The report, titled “U.S. Office Market Outlook – This Downturn is Different” assesses the office market in light of the steep job losses. The 27.5% figure reflects a forecasted 10.3% change in vacancy for 2009. More on […]


Berryessa, and Not Downtown Might Be End of The Line For BART

March 14, 2009

Tweet Eric Chase’s Transbay Blog has an interesting perspective and rendering on the future of the extension of the BART line in that all the talk about San Jose’s Diridon station being the terminus might not be a reality for some two decades. After a report released indicated that real sales tax revenue will remain […]

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