It Feels Like a Good End of the Year
Dec 08, 2008
With all of the bad economic news the realty is that San Francisco is holding its own as far as commercial real estate leasing is considered. Bottom line there is plenty of tenants looking for office space and there is no sign of a let up.
Starting right after Labor Day until the first week of December it is typically one of the hottest periods in commercial real estate leasing. Tenants planning a year-end move will be out in force trying to secure their deals. Retail tenants hoping to catch the holiday season will also be out in force. Industrial and warehouse tenants looking to spend money on equipment before year end will also be out in force.
So far the office retail and industrial markets have remained pretty consistent throughout the year. Overall office vacancy rates in San Francisco continue to hold around 7% the same as in January.
For our firm we have already experienced a strong June, July and August after a weak April and May. Based upon deals in the pipeline the rest of the year is very optimistic.
The beauty of our business is that we reflect the economy in general. If people are seeking commercial space, particularly new firms, that signals good economic times.
Let the new positive economic cycle begin. It feels like a good end of the year.
Written by: Hans Hansson
Hans Hansson is President of Starboard TCN Worldwide Real Estate Services as well as a member of the Board of Directors for TCN Worldwide Real Estate. Hans has been an active broker for over 23 years in the San Francisco Bay Area and specializes in office leasing and investments. If you have any questions or comments please email firstname.lastname@example.org or call him at (415) 765-6897. You may also check out his website, http://www.commercialspacefinder.com/.