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

October 1, 2009

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 at […]

Goldman Revises CRE Loss Estimates

September 30, 2009

Goldman Sachs has revised its expectations for CRE losses, and is concerned about exposure of banks and insurers with lots of CRE assets on their books. The Bank of Americas, Wells Fargos, and JP Morgans of the world are generally considered to be “too big to fail”, but community and regional banks holding a large […]

Wall Street Displays Its REMIC Magic

September 30, 2009

The hardest thing to explain is the glaringly evident which everybody had decided not to see. – Ayn Rand Well, the “professionals” of wall street are back after a short hiatus (actually they never really quit). Trying to find a way to move worthless paper and reduce capital requirements, they are are┬áre-stacking┬áthe chips through REMICs […]

GI Partners Targeting Hotels

September 30, 2009

Menlo Park’s GI Partners is allocating some $500M to target the troubled hospitality sector. The company intends on targeting both assets and debt. GI Partners was the basis for what is now Digital Realty Trust. The hotel sector has been hit extremely hard. The numbers across the board for hotels, whether its occupancy, average daily […]

Q3 Manhattan Rents Drop 5%

September 30, 2009

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 75 […]

Deflation Fears Emerge

September 29, 2009

One of our recent posts discussed housing tax credits and the potential for them to cause deflation. Bill Gross of PIMCO, one of the most well known bond investors is now increasing his position in longer-term government debt, namely 5 and 10 year treasuries, as a hedge against deflation. The loser in his fund are […]

Downturn Presents Once (or Twice) In A Lifetime Opportunities

September 29, 2009

HSBC is working on deals to sell three prized possessions, office assets on New York’s Fifth Avenue, Paris’ Champs Elysees, and London’s Canary Wharf. The assets are being marketed by CBRE as sale-leasebacks, and present the rare opportunity to acquire some of the world’s prized real estate, at a cost of course. The sale is […]

Tax Credits and The Law of Unintended Consequences

September 29, 2009

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 getting […]

Britannia R&D Park Picked Up for $38 PSF

September 29, 2009

Asilomar has picked up the 195,000 square feet R&D park in Fremont (49000-49090 Milmont Drive) formerly known as Britannia R&D Center. UBS sold the property to Asilomar for roughly $7.5M. The park is now known as Dixon Landing Research Park. UBS had been marketing the asset for quite some time. They had been seeking to […]

YoY Local Transaction Volumes

September 28, 2009

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, the […]

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