{"id":82797,"date":"2023-11-09T22:31:45","date_gmt":"2023-11-10T03:31:45","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/san-francisco-office-space-market-is-thriving-as-long-as-its-on-an-upper-floor-with-a-view\/"},"modified":"2023-11-09T22:31:49","modified_gmt":"2023-11-10T03:31:49","slug":"san-francisco-office-space-market-is-thriving-as-long-as-its-on-an-upper-floor-with-a-view","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82797","title":{"rendered":"San Francisco office-space market is thriving. As long as it\u2019s on an upper floor with a view."},"content":{"rendered":"
\n

Corrects title of Lincoln Property Company executive <\/p>\n

San Francisco and many other West Coast cities have a visibility problem.<\/p>\n

Demand for top office space with skyline views has held up well in the wake of the pandemic, a rare bright spot in an otherwise glum backdrop for landlords. <\/p>\n

\n

The rest of the floors? Not so much, leaving a cloud over even prized office buildings nearly four years since COVID sparked an exodus from downtowns.<\/p>\n

\u201cYou\u2019ve got the winners and you\u2019ve got the losers right now,\u201d said\u00a0Barry DiRaimondo, co-founder and chief executive of real-estate developer Steelwave. \u201cAnd the winners happen to be 10% of the supply and the losers happen to be 90% at the moment.\u201d<\/p>\n

Steelwave has been closely tracking office-leasing activity in markets where it operates as an owner, but also in San Francisco, where it is a tenant at 101 California, a newly renovated 48-story office tower in the heart of the financial district.<\/p>\n

George Clever, the city head of San Francisco for Hines, a global real-estate investment firm that owns 101 California, said demand from tenants for upper floors has remained robust, which has helped keep the property roughly 80% occupied. <\/p>\n

Yet with leasing activity still largely frozen for middle and lower floors, Clever said it remains hard to gauge where overall rents for San Francisco office properties might settle, despite this year\u2019s string of high-profile distressed sales.<\/p>\n

Data from VTS, which tracks office-leasing activity globally, speaks to the growing demand for rarified air in San Francisco.<\/p>\n

In New York City, tenants have been flocking to all floors of trophy buildings, but in San Francisco it has been all about the views, especially the top 10 floors, said Nick Romito, VTS co-founder and chief executive.<\/p>\n

\u201cTrophy, non-trophy, with great views you are getting activity,\u201d Romito said, making San Francisco unique. <\/p>\n

Nationally, landlords still face a flood of vacancies, with San Francisco\u2019s overall rate pegged at a historically high 34% in the third quarter by CBRE, and a crippling 47% for lower-quality, Class B office space in the financial district.<\/p>\n

\u201cThe best-quality space with views probably has about a 10% vacancy,\u201d said Colin Yasukochi, a tech-focused researcher at CBRE. \u201cThat\u2019s why they are able to keep rents high.\u201d<\/p>\n

Yasukochi said rents can reach as high as $200 a square foot for the highest-end space. But CBRE Research also found the flight-to-quality has left a roughly 52.4% gulf (see chart) between rents at buildings with prime views and those without, up from 15.2% in 2019. <\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

Tenants paying top dollar, however, also tend to be opting for smaller footprints to keep their office costs steady, effectively getting better views for the same price. \u201cHybrid work also plays into this,\u201d Yasukochi said. <\/p>\n

\u201cThat\u2019s consistent with what we are seeing up and down the West Coast,\u201d said Rob Kane, said Rob Kane, executive vice president at Lincoln Property Company, a global commercial real-estate firm, of companies often still downsizing but looking for space in better buildings. \u201cWe are seeing that play out as we speak.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Corrects title of Lincoln Property Company executive San Francisco and many other West Coast cities have a visibility problem. Demand for top office space with skyline views has held up well in the wake of the pandemic, a rare bright spot in an otherwise glum backdrop for landlords. The rest of the floors? Not so […]<\/p>\n","protected":false},"author":1,"featured_media":82798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-82797","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSan Francisco office-space market is thriving. 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