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Market Overview a Quarterly Publication of the San Francisco Office Market by the Axiant Group 1St Quarter 2020

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Market Overview a Quarterly Publication of the San Francisco Office Market by the Axiant Group 1St Quarter 2020 Market Overview A quarterly publication of the San Francisco office market by The Axiant Group 1st Quarter 2020 multiple buildings in Oakland, three of which they owned. COVID-19 will undoubtedly change Kaiser sited construction costs and delays as the major the future of real estate. The 1st quarter factors in the decision, not COVID-19. Many felt the project lost significant momentum when its Kaiser’s Chairman and numbers do not reflect the shelter-in- CEO, Bernard Tyson, the chief activist and mentor for the place order as it went into effect just prior project, died in November at age 60. to the end of the quarter. Overall rents The sale of the Uptown Station remain stable, vacancy rates increased. (former Capwell’s/ Sears) project fell Vacancy Rate Increases, Rent Stable apart when the First quarter vacancy rates increased from an adjusted buyer, Blackstone 5.5% in the 4th quarter to 6.5% in the 1st quarter. Gross Group, walked away leasing activity decreased from 1,886,983 square feet in the from a $20 million 4th quarter to 1,037,496 square feet in the 1st quarter. Net deposit upon fears UPTOWN STATION, OAKLAND absorption was significantly lower and negative at -603,723 that the real estate square feet, compared to 4th quarter. With positive absorption of and finance markets would become shaky in the wake of 743,407 square feet. This represents a swing of over 1,300,000 the COVID-19 pandemic. The sale would have come in at square feet. over $1,000 per foot, $300 per foot higher than any other Average asking comparable real estate transactions in the Oakland market. SAN FRANCISCO SOMA SAN FRANCISCO FINANCIAL CORE The high price could be justified, with the anchor tenant Class A Rents Class B Rents Vacancy Class A Rents Class B Rents Vacancy rental rates for 11 100 100 12 Class A space Square, paying the highest rental rates in Oakland at over $85 were stable per square foot. 80 80 9 10 at $84.59 per square foot in 60 % Vacancy 60 % Vacancy Will COVID-19 Affect My Office Lease? 7 the 1st quarter 8 Many of my clients have reached out, asking how they should $ Rental Rate 40 $ Rental Rate compared to 40 address the COVID-19 crisis with their current landlord. $84.94 in the 4th 5 6 The majority of landlords are operating their buildings even 20 20 quarter. Average though tenants are not using their offices due to the shelter- rental rates for in-place order. Whether or not tenants should receive or 0 3 0 4 Class B financial Q219 Q319 Q419 Q120 Q219 Q319 Q419 Q120 ask for some type of rental relief remains to be seen. The core space were majority of hardship in the commercial sector has been felt MARIN stable, moving from $70.28 in the 4th quarter to $69.40 in Vacancy Central by retail users, which has been catastrophic. Regardless, I South Marin Rents A&B Central Rents A&B Vacancy South the 1st quarter. Class B absorption was negative at -144,034 60 14 would recommend all tenants keep meticulous records of in the 1st quarter. This was a decrease in absorption from any communication with their landlord. A review of your 50 the 4th quarter, which was at 176,867 square feet. South of office lease and insurance policy would be prudent. Some key 12 Market (SOMA) vacancy rates increased, moving from 4.1% in 40 terms in the documents are force majeure, business interruption % Vacancy the 4th quarter to 6.4% in the 1st quarter. insurance, interruption of services, landlord operating costs, holdover 30 10 $ Rental Rate clause and abandonment. In addition, tenants should contact 20 COVID-19 Affects Oakland Deals their accountant to explore how or if stimulus legislation 8 applies to them. Should you have any questions regarding the 10 Kaiser is backing out of their mega deal at 2100 Telegraph, named the Thrive Center. Kaiser committed to the 1.6 million above or your lease, please do not hesitate to reach out to 0 me via phone or email. Q219 Q319 Q419 Q120 square foot project to consolidate over 7,000 employees from OAKLAND CBD Class A Rents Class B Rents Vacancy 80 15 Three Embarcadero Center, Suite P-3 | San Francisco, CA 94111 70 www.axiantgroup.com 60 13 50 % Vacancy 40 10 $ Rental Rate 30 20 7 10 0 4 Q219 Q319 Q419 Q120 PENINSULA Class A Rents Class B Rents Vacancy 80 14 70 60 12 50 % Vacancy 40 10 $ Rental Rate 30 20 8 10 0 6 Q219 Q319 Q419 Q120 SAN FRANCISCO MARKET OVERVIEW 1st Quarter 2020 SAN FRANCISCO SOMA Where’s theSAN Space?FRANCISCO FINANCIAL CORE Class A Rents Class B Rents Vacancy Class A Rents Class B Rents Vacancy 100 11 Submarket 100 Direct SF Vacancy Sublet SF Vacancy12 Total SF Vacancy (direct) (sublet) (Total) 80 80 9 Top 10 Build. 216,869 1.80% 97,219 10 .80% 314,088 2.60% Fin. Dist A 2,270,861 4.90% 644,831 1.40% 2,915,692 6.30% 60 % Vacancy 60 % Vacancy 7 Fin Dist. B 654,947 5.10% 273,145 82.10% 928,092 7.20% $ Rental Rate 40 SOMA A $ Rental Rate 40 238,333 5.80% 58,899 1.40% 297,232 7.90% 5 SOMA B 320,543 2.80% 389,445 63.40% 709,988 6.20% 20 20 0 3 Large Tenants0 in the Market 4 Q219 Q319 Q419 Q120 Q219 Q319 Q419 Q120 Tenant Sq. Ft. MARIN Vacancy Central SalesForce 700,000+ South Marin Rents A&B Central Rents A&B Vacancy South 60 14 Credit Karma 110,000 KeepTrucking 51,000 50 12 40 Major Leases Completed in the First Quarter % Vacancy 30 10 Tenant Sq. Ft. Address $ Rental Rate Deloitte * *** 229,000 535 Mission Street 20 8 Latham & Watkins* 110,542 505 Montgomery Street 10 Autodesk* 110,000 1 Market Street (Landmark) 0 Knotel 82,800 301 Brannan Q219 Q319 Q419 Q120 Skillz** 51,684 550 Howard OAKLAND CBD Triage Consulting* 46,436 221 Main Street Class A Rents Class B Rents Vacancy 80 15 Ironclad** 42,558 71 Stevenson 70 Wix.com* 34,459 550 Terry Francois Boulevard 60 13 Trade Desk 27,542 425 Market Street 50 % Vacancy 40 10 $ Rental Rate *Renewal **Sublease ***Expansion ***Oakland lease 30 20 7 10 0 4 Q219 Q319 Q419 Q120 PENINSULA Class A Rents Class B Rents Vacancy 80 14 70 The Axiant Group Can Help You 60 12 Do you want information about rents and space available in your 50 % Vacancy building? Are you interested in subleasing or terminating your 40 10 lease? Is your lease expiring in the next three years? $ Rental Rate 30 Contact The Axiant Group. We have handled transactions from 1,000 to 1,000,000 sq.ft. in the Bay Area and throughout the 8 20 U.S. The average tenure of our brokers is over 20 years. We 10 have handled assignments for clients including Chevron U.S.A., 0 6 Coblentz, Patch, Duffy & Bass, Oracle Corporation, PG&E, Sutro Q219 Q319 Q419 Q120 & Company, Zurich Scudder Investments, Charles Schwab, Texas John Abel – Principal Pacific Group, Club One, Moss Adams, and many others. T 415.374.2103 [email protected] License #00884176 Three Embarcadero Center, Suite P-3 | San Francisco, CA 94111 www.axiantgroup.com.
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