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 […]


Tax Credits and The Law of Unintended Consequences

September 29, 2009

Tweet Calculated Risk has a great post on how tax credits designed to move the housing market are leading to additional pressure on banks, holders of CMBS, owners, and ultimately taxpayers. The rental vacancy rate for housing in this country is already at some 10.6% as of the second quarter, 2009. The tax credits are […]


Retail Woes Push Vacancy Rates Up

August 23, 2009

Tweet Vacancy rates across every product type have been on the rise, and retail is no exception. The Mercury News has two quick articles out today, one discussing the increasing vacancy rates on the Peninsula, and the other focused on Bryant Street retail in Palo Alto. Not much to say except the retail market expierenced […]


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 […]


Subleases Now Account For 40% of Midtown Manhattan Office Space

May 26, 2009

Tweet From the NYT: In Midtown Manhattan, for example, 13 percent of prime, modern, well-located offices — which brokers often refer to as Class A space — was available in April, up from 6.5 percent a year earlier, according to Colliers ABR, a commercial real estate services company. And sublets now account for some 40 […]


CBO: US Unemployment to Continue to Rise Through 2010

May 21, 2009

Tweet The congressional budget office has issued a report predicting that despite an expected turn around the economy, unempoyment would continue to rise through 2010. This does not bode well for commercial real estate. We have previously shown the lag effect between unemployment moves and rent/vacancy. If unemployment continues to weaken in Silicon Valley as […]


London Update: Rents to 1991 Levels; Vacancy Expected to 19%

May 14, 2009

Tweet Bloomberg has an article out discussing expectations that rents shortly will be on par with 1991 levels, while vacancy numbers approach 20%. The city of London seems to differ somewhat from our local market in that they seem to be dealing with a fairly severe supply problem, whereas San Francisco and Silicon Valley have […]


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% […]


U.S. Office and Retail Vacancy Continues Its Ascent

April 2, 2009

Tweet REIS is out with its latest US office vacancy numbers, and not surprisingly, they don’t look good. It’s expected that this year will end with office vacancy rates at nearly 17%, and rents down 7.4%. They are also projecting 2010 vacancy at 17.6 percent, about 1% below the high that was reached in 1992. That […]


Silicon Valley Rent, Vacancy, and Unemployment

March 24, 2009

Tweet I was reading an article yesterday in the Mercury News about Silicon Valley rents that peaked my interest. Another broker who is often quoted, indicated that his expectation was generally that Silicon Valley wouldn’t see vacancy rates like those we saw in 2002, in which some submarkets experienced vacancy rates of 30%: ‘We don’t […]

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