Sun Micro Cutting 3,000 More Jobs

October 20, 2009

Tweet Awaiting to complete the takeover by Oracle, Sun Microsystems announced in a filing that it will be cutting approximately 10% of its workforce, or about 3000 employees. The cuts will likely be global, but locally Sun has a fairly big footprint in the South Bay and Peninsula markets. Last month we wrote a quick [...]

Q3 2009 Update: Silicon Valley Rents, Vacancy Rate, and Unemployment Numbers

October 1, 2009

Tweet It’s been about two quarters since we last updated our chart for Silicon Valley office rents, vacancy rates, and unemployment. The latest numbers indicate what we anticipated, and that is unemployment numbers would continue to have a significant impact on rents and vacancy rates. What’s more is that the unemployment numbers continue to be [...]

Q3 Manhattan Rents Drop 5%

September 30, 2009

Tweet A 5.2% drop this last quarter (to an avg of $51), combined with the previous three puts the year-over-year drop in Manhattan rents at some 27%, according to Studley. The amount of available sublease space is over 17 million square feet, with overall vacancy at 13.2%. The total office market in Manhattan is roughly [...]

YoY Local Transaction Volumes

September 28, 2009

Tweet The Business Journal handed out awards for local brokerages for the year ending July 2009. Colliers’ three local offices was the runner-up in the the Silicon Valley Business Journal’s award for Commercial Brokerage of the Year. This year’s deal volume came in at 925 transactions at a value of $711 million. The previous year, [...]

California Unemployment Up To 12.2%

September 18, 2009

Tweet Unemployment numbers are out for California from the Bureau of Labor Statistics, and they are not looking good. California’s unemployment rate is up to 12.2% (August), a brutal number and a record level. The rate is up 30 basis points from July. Year-over-year, the rate is up 460 basis points. Nevada also reached a [...]

RREEF America III Overview

September 9, 2009

Tweet The Registry has written up an article outlining RREEF’s troubled America III fund, which we discussed in the past. This is the vehicle behind Sunnyvale Town Center and the Peery/Arrillaga Portfolio. There was talk a few weeks ago about Stockbridge seeking to take over management of that fund. Some big names sit on the [...]

Study Predicts Flat Job Market

September 1, 2009

Tweet The Business Journal has an article out discussing an interview done by RHI of 200 Bay Area CFO’s about their hiring/firing plans for accounting and finance staff in the 4th quarter. The study showed: 3% expected to add positions 8% expected to reduce positions 88% expected no change Although finance and accounting make up [...]

Office Market Expected to Continue Downward

August 24, 2009

Tweet No surprise here, but another article in the Mercury News, this time focused on office and R&D space discusses the market, and provides some insight into what others are seeing and forecasting. Full article here.

Stockbridge Seeking Deal To Takeover Fund That Acquired Peery/Arrillaga Portfolio

August 20, 2009

Tweet Stockbridge is seeking a deal to take over the management of the $2.6B RREEF America REIT III real estate fund. This is the same fund that acquired the 119 office and research and development properties from Peery/Arrillaga which we raised questions about last month, as well as the Sunnyvale Town Center project which construction has [...]

Sunnyvale R&D Rents Were $6 to $7 ???

June 9, 2009

Tweet Check out this article from KCBS, which was partially discussed on the radio. $6 to $7 rents in Sunnyvale? When? For a few months during the dot com bubble a decade ago? I hope they took this out of context, otherwise it seems like a pretty misleading statement to make. “Rents were as high [...]