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SAN FRANCISCO 2Nd Quarter 2014 Office Market Report

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SAN FRANCISCO 2nd Quarter 2014 Office Market Report Historical Asking Rental Rates (Direct, FSG) SF MARKET OVERVIEW $60.00 $57.00 $55.00 $53.50 $52.50 $53.00 $52.00 $50.50 $52.00 Prepared by Kathryn Driver, Market Researcher $49.00 $49.00 $50.00 $50.00 $47.50 $48.50 $48.50 $47.00 $46.00 $44.50 $43.00 Approaching the second half of 2014, the job market in San Francisco is $40.00 continuing to grow. With over 465,000 city residents employed, the San $30.00 Francisco unemployment rate dropped to 4.4%, the lowest the county has witnessed since 2008 and the third-lowest in California. The two counties with $20.00 lower unemployment rates are neighboring San Mateo and Marin counties, $10.00 a mark of the success of the region. The technology sector has been and continues to be a large contributor to this success, accounting for 30% of job $0.00 growth since 2010 and accounting for over 1.5 million sf of leased office space Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2012 2012 2012 2013 2013 2013 2013 2014 2014 this quarter. Class A Class B Pre-leasing large blocks of space remains a prime option for large tech Historical Vacancy Rates companies looking to grow within the city. Three of the top 5 deals involved 16.0% pre-leasing, including Salesforce who took over half of the Transbay Tower 14.0% (delivering Q1 2017) with a 713,727 sf lease. Other pre-leases included two 12.0% full buildings: LinkedIn signed a deal for all 450,000 sf at 222 2nd Street as well 10.0% as Splunk, who grabbed all 182,000 sf at 270 Brannan Street. All five of the 7.2% 8.0% top 5 leases in Q2 were technology companies, including an Uber expansion 6.0% 6.1% of 130,434 sf at 1455 Market. Braintree also signed a 63,285 sf lease at 123 4.0% Townsend. 2.0% 0.0% The second quarter saw an increase in investment transaction volume Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 compared to the first quarter. The South Financial District remains a hotspot 2012 2012 2012 2013 2013 2013 2013 2014 2014 for office investment as it housed three of the top 5 investment sales including Class A Class B 55 2nd Street, which fetched the highest price per square foot this quarter SF MARKET AT A GLANCE ($730). Genzon Group purchased 225 Bush Street for $350M ($629 psf), which was the largest building sale of the quarter. With multiple high-valued Inventory: 80,492,768 SF buildings, such as 405 Howard Street and 650 California Street, currently on the market and many more expected to come, the San Francisco office Vacancy: 6.4% investment market will remain healthy throughout 2014. The second quarter of 2014 marked the 17th consecutive quarter of positive 2014 QTD Absorption: 556,168 SF absorption and with multiple companies in the market for over 100K SF, Average Asking Rent: expect absorption to continue to stay positive throughout 2014. With demand remaining high, rental rates rose again in Q2, marking the 14th consecutive Class A: $57.00 quarter of rental rate increases. If the San Francisco office market stays on this Class B: $52.00 trend, rental rates are expected to increase throughout the rest of the year. Q2 2014 KEY TRANSACTIONS Top 5 Salesforce LinkedIn Splunk Uber Braintree Leases 415 Mission (Transbay) 222 2nd Street 270 Brannan Street 1455 Market Street 123 Townsend Street 713,727 SF (New) 450,209 SF (New) 182,000 SF (New) 130,434 SF (Expansion) 63,285 SF (New) 225 Bush Street 55 2nd Street 221 Main Street 888 Brannan Street 33 N. Montgomery Buyer: Buyer: Buyer: Buyer: Buyer: Top 5 Genzon Group TIAA CREFF Columbia Property Trust Beacon Capital Partners Cornerstone Sales Seller: Seller: Seller: Seller: Seller: Flynn Properties Hines Beacon Capital Partners Vantage Property Investors Blackstone $350,000,000 ($629 PSF) $276,000,000 ($730 PSF) $228,800,000 ($590 PSF) $190,000,000 ($447 PSF) $149,000,000 ($620 PSF) Q2 2014 - THE MARKET BY NUMBERS Average Direct Sublet Net Under Total RBA Vacancy Rate Availability Rate Total SF Asking Rent Submarket Available Available Absorption Construction (SF) Leased Space (SF) Space (SF) (SF) (SF) Class A Class B Class A Class B Class A Class B North Financial 28,039,111 1,799,395 122,043 7.0% 6.7% 12.3% 13.4% 648,797 37,804 0 $55.50 $51.50 South Financial 23,608,296 1,454,507 248,113 7.3% 8.0% 12.7% 13.1% 1,595,008 -22,304 3,046,945 $59.00 $55.50 CBD Average 51,647,407 3,253,902 370,156 7.1% 7.3% 12.5% 13.5% 2,243,805 15,500 3,046,945 $57.50 $53.50 SOMA* 11,883,526 498,019 59,598 1.4% 5.8% 9.7% 13.0% 478,679 201,041 452,000 $64.00 $57.00 Union Square 4,000,900 175,155 2,540 0.5% 4.4% 0.5% 13.0% 193,279 60,495 0 $51.00 $47.50 Mid-Market 4,066,984 223,712 3,225 1.6% 17.3% 10.4% 23.6% 359,274 302,326 0 $51.50 $47.50 Jackson Square/ 5,210,268 368,274 43,597 5.7% 9.2% 6.3% 12.3% 80,238 -73,256 0 $51.00 $47.50 North Waterfront Civic Center/ 1,924,168 129,560 0 0.0% 8.3% 2.2% 8.0% 13,845 -6,096 0 $41.50 $37.50 Van Ness Corridor Mission Bay 1,759,515 11,131 0 0.6% 0.0% 4.5% 0.0% 56,379 56,158 0 $62.00 - Non-CBD Average 28,845,361 1,405,851 108,960 1.8% 7.1% 11.3% 14.2% 1,181,694 540,668 452,000 $56.50 $51.00 San Francisco 80,492,768 4,659,753 479,116 6.1% 7.2% 12.1% 13.7% 3,425,499 556,168 3,498,945 $57.00 $52.00 Market Average *Includes China Basin, South of Market, Rincon/South Beach, Yerba Buena, Showplace Square, and Potrero Neighborhoods HISTORICAL LEASING ACTIVITY 900,000 4,000,000 800,000 772,312 3,500,000 700,000 677,959 652,826 3,000,000 With technology companies 600,000 556,168 2,500,000 continuing to pre-lease large 500,000 2,000,000 blocks of space, leasing activity 400,000 336,582 333,783 353,827 1,500,000 SF Leased is the highest the SF Market 300,000 272,439 Net Absorption (SF) 1,000,000 has seen since Q4 2012. 200,000 174,431 100,000 500,000 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2012 2012 2012 2013 2013 2013 2013 2014 2014 Net Absorption Leasing Activity TOP 5 PENDING LEASE DEALS TENANT REQUIREMENT (SF) Four out of the top five Pinterest 310,000 pending leases are non-tech Omnicom 120,000 tenants. Dodge & Cox 100,000 Cooley 100,000 Deutsche Bank 60,000 2 A LOOK INTO THE FUTURE TOP 5 TENANTS IN THE MARKET TENANT REQUIREMENT (SF) Tech remains a driving force Google 500,000 in the city, half of the 100K SF plus size requirements First Republic Bank 300,000 are technology companies. GAP 250,000 JP Morgan Chase 200,000 Lyft 150,000 TOP 5 BUILDINGS FOR SALE BUILDING BUILDING RSF SELLER 405 Howard Street 521,555 GE Asset Management 97% of the Top 5 Buildings 650 California Street 489,373 Tishman Speyer for Sale are leased. 1 Post Street 420,604 McKesson Corporation/ARES 350 California Street 348,500 Mitsubishi Golden Gateway Commons 293,348 Arden Realty TOP 5 UNDER CONSTRUCTION TOTAL SF BUILDING COMPLETION DATE 1,420,081 SF Almost 60% of the Top 5 Salesforce Tower Q1 2017 Under Construction buildings are already leased. 452,418 SF 222 Second Street Q3 2015 451,005 SF 350 Mission Street Q1 2015 416,206 SF 181 Fremont Street Q2 2016 307,235 SF 535 Mission Street Q4 2014 3 601 California Street 5th Floor San Francisco, CA 94108 415.322.5050 BLUE & GOLD FERRIES TO SAUSALITO, TIBURON, & ANGEL ISLAND SAN FRANCISCO OFFICE MARKET Pier 39 S Pier 45 A FERRIES TO VALLEJO, N SUBMARKETS Pier 41 ALAMEDA, & OAKLAND Hyde Street Pier FR A CENTRAL BUSINESS DISTRICT NORTH OF MARKET LEGEND Pier 43 N Pier 35 C North Financial District Van Ness Corridor I CITY BLOCK Pier 43 1/2 S C South Financial District Chinatown / Nob Hill / O With Parcel/ Russian Hill Building B Union Square Boundaries AQUATIC PARK MID-MARKET POWELL ST A and Address MASON ST FISHERMAN’S STOCKTON ST Y Mid-Market JEFFERSON ST TAYLOR ST Designations JONES ST Travelodge Pier 33 WHARF GRANT ST NORTH WATERFRONT LEAVENWORTH ST In-N-Out TH 0 BEACH ST Academy E HYDE ST 20 One Beach The of Arts EM SOUTH OF MARKET Fisherman’s Wharf / The Anchorage 100 B Cannery 400 MUNI A Northpoint R Telegraph Hill / Parking BEACH ST C Rincon Hill / South Beach Sheraton A Pier 31 North Waterfront Longshormen’s D RANCISCO MARITIMEIC PARK Memorial F 20 E SAN COLUMBUS ST NORTHPOINT ST Northshore NATIONAL HISTOR R Yerba Buena Pump Station 0 O Butterfly 22 National 00 0 District Boundaries LARKIN ST Holiday 4 Northpoint Pier 29 Jackson Square Museum P Cafe 0 Apts.
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