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First Quarter 2012 • San Francisco • Office Report

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First Quarter 2012 • San Francisco • Office Report First Quarter 2012 • San Francisco • Office Report SAN FRANCISCO OFFICE Lic #00832933 One Bush Street, Suite 400 • San Francisco, CA 94104 Tel: 415.445.8888 • Fax: 415.445.8886 www.ccareynkf.com SAN FRANCISCO • OFFICE • FIRST QUARTER TABLE OF CONTENTS Coverage Map 1 Office Update and Q1 2012 in Review 2 Office Market Highlights – Leasing 3 Office Market Highlights – Sales & Development 5 North Financial District Market Summary 6 South Financial District Market Summary 7 North Waterfront / Jackson Square Market Summary 8 Van Ness / Civic Center Market Summary 9 Union Square Market Summary 10 SOMA Market Summary 11 Definitions 13 Agent Roster 14 SAN FRANCISCO • OFFICE • FIRST QUARTER COVERAGE MAP 1 SAN FRANCISCO • OFFICE • FIRST QUARTER OFFICE UPDATE AND Q1 2012 IN REVIEW San Francisco’s overall economy occurred in the South Financial included One Beach Street, which showed a slight decline in the first District, including Salesforce.com’s sold for $37 million, or $376/rsf, to quarter due to the continued volatility 407,186-square-foot, 18-year, new American Assets Trust, and 715-717 of the national and global markets. lease at 50 Fremont Street, growing Market Street, which sold for $32 The local unemployment rate their San Francisco office SANfootprint FRANCISCO to million, OFICEor $393/rsf, •FIRST to Digital QUARTER Garage, increased from 7.3% in December to 1.1 million square feet. Following Inc. for their corporate headquarters. 7.6% in February 2012, while the Salesforce’s new lease, the company Several large office sales are California unemployment rate also announced their withdrawal from pending, including 225 Bush Street, increased from 10.9% to 11.4% over their highly-anticipated, two million- 650 Townsend Street, Foundry the same period. The local economy square-foot campus development in Square I & IV, and 444 De Haro lost a total of 8,900 jobs since Mission Bay, as their rapid growth Street. December 2011. commands additional near-term expansion requirements that would Looking ahead, we expect the San Despite the slow-moving local not be fulfilled for several years. Francisco office market to show economy, the San Francisco office Additional South Financial District sustained improvement over the year market continued to show sustained leases included Macys.com, Inc.’s as the technology sector continues to improvement in the first quarter of 250,000 square feet and Riverbed grow and stabilize and additional 2012. Overall leasing activity in the Technology’s 167,788 square feet at sectors, including financial services, quarter totaled nearly 2.0 million the newly renovated 680 Folsom restore their office presence. square feet, although several large Street. Bank of America/Merrill Lynch spaces were vacated by tenants who signed the largest renewal of the VACANCY ▼ moved or expanded into other space, quarter of 121,986 square feet at 101 or for renovation purposes, bringing California Street. Q1'12 8.7% the positive net absorption to Q4'11 9.3% 550,673 square feet. Although The trend from the past year several submarkets had more space continued as the few remaining CLASS A ASKING RENTS ▲ vacated than leased in the first buildings with quality space in the quarter, the healthy pace of leasing CBD and “creative” space in SOMA Q1'12 $44.82 activity in the CBD boosted the showed the largest asking rate Q4'11 $42.11 overall market. As a result of the increases. CBD asking rates also CBD leasing activity, the San continued to increase and reach NET ABSORPTION ▼ Francisco office vacancy rate levels comparable to SOMA. Q1'12 550,673 decreased from 9.3% to 8.7% over Additionally, the San Francisco office the first quarter. Asking rates also tenant base continues to diversify as Q4'11 784,271 continued to increase in all four of the largest leases were submarkets. outside of the tech sector. TOP LEASES Salesforce.com Technology tenants continued to Although there were few sales drive leasing activity in the first transaction closed during the first 50 Fremont Street 407,186 quarter of 2012, accounting for six of quarter of 2012, pending sales Macys.com, Inc. the top ten transactions. However, transactions totaled 1.6 million 680 Folsom Street 238,000 only one of the leases took place in square feet and additional buildings SOMA as the majority of quality, for sale totaled 2.6 million square Riverbed Technology “creative” space has been leased feet, confirming the strengthening 680 Folsom Street 167,788 over the past few quarters. The most office market fundamentals. The significant leases signed this quarter largest office sales of the quarter 2 SAN FRANCISCO • OFFICE • FIRST QUARTER OFFICE MARKET HIGHLIGHTS - LEASING Average Asking Rate ¹ 2012 2012 Submarket Total RSF * Vacant SF Vacancy % ³ Availability % Class A Class B Class C Q1 Net Absorption ² YTD Net Absorption North Financial District 28,482,631 2,374,258 8.3% 12.1% $44.50 $39.50 $29.00 288,520 288,520 South Financial District 25,008,173 1,322,213 5.3% 9.8% $46.00 $43.00 $34.00 358,936 358,936 North Waterfront/Jackson Sq. 5,959,986 545,371 9.2% 14.7% $42.00 $38.00 $32.00 (15,987) (15,987) Van Ness/Civic Center 7,381,620 894,439 12.1% 22.2% $36.00SAN $34.00FRANCISCO$28.00 OFICE15,535 •FIRST QUARTER15,535 Union Square 4,884,220 316,662 6.5% 11.3% $42.00 $40.00 $32.00 (40,712) (40,712) SOMA** 10,688,472 1,705,552 16.0% 20.3% $54.00 $45.00 $35.00 (55,619) (55,619) San Francisco Office Market 82,405,102 7,158,495 8.7% 13.5% $44.82 $40.52 $32.55 550,673 550,673 ** SOMA inventory includes the following markets: South Beach, Multimedia Gulch, Yerba Buena, South of Market, Potrero Hill, Showplace Square & Mission Bay City-Wide Class A Historical Trends Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates ¹ 2008/Q1 47,322,203 2,754,242 365,733 6.6% 209,188 $46.91 Q2 47,595,475 3,243,799 393,792 7.6% (517,616) $46.94 Q3 47,595,475 3,448,110 744,607 8.8% (555,126) $44.07 Q4 48,151,794 4,587,686 841,335 11.3% (1,236,304) $41.26 2009/Q1 48,219,559 4,968,642 1,122,238 12.6% (661,859) $37.02 Q2 48,219,559 5,009,042 1,273,766 13.0% (190,864) $35.49 Q3 48,219,559 4,995,774 1,178,876 12.8% 108,158 $34.64 Q4 48,337,119 5,439,820 962,606 13.3% (227,776) $34.64 2010/Q1 48,337,137 5,809,095 812,902 13.7% (87,475) $34.78 Q2 48,337,137 5,841,640 876,466 13.9% (96,109) $35.02 Q3 48,337,137 5,908,685 836,353 14.0% (26,932) $35.64 Q4 48,363,449 6,106,107 588,634 13.8% 50,297 $36.69 2011/Q1 48,362,494 5,900,447 514,103 13.3% 206,666 $38.21 Q2 51,186,227 5,058,186 282,415 10.4% 136,331 $39.56 Q3 52,376,070 5,307,230 176,184 10.5% 113,737 $40.81 Q4 52,378,570 4,583,929 155,687 9.0% 676,793 $42.21 2012/Q1 52,184,548 4,021,785 156,496 8.0% 670,061 $44.81 CITY-WIDE CLASS A HISTORICAL VACANCY VS. LEASE RATES $50.00 20.0% 12.6% $40.00 13.7% 13.3% 15.0% $30.00 8.0% 10.0% 6.6% Vacancy Lease Rate $20.00 5.0% $10.00 0.0% Year/Quarter Lease Rate Vacancy Rate 1 Rates are quoted as full service ³ Vacancy is based on vacant square footage 2 Absorption is based on vacant square footage * Includes all classes of office space 3 SAN FRANCISCO • OFFICE • FIRST QUARTER OFFICE MARKET HIGHLIGHTS – LEASING (CONT.) 50 Fremont Street Salesforce.comSAN FRANCISCO signed OFICE a new •FIRST lease QUARTERof 407,186 square feet at 50 Fremont Street, the largest lease transaction in Q1’12. Significant Leases & Contiguous Spaces (By Square Footage) Largest Leases of Q1'12 Tenant Lessor (Sublessor) Address Sq. Ft. Salesforce.com TIAA-CREF 50 Fremont Street 407,186 Macys.com, Inc. TMG Partners 680 Folsom Street 238,000 Riverbed Technology TMG Partners 680 Folsom Street 167,788 Bank of America/Merrill Lynch ( R ) Hines 101 California Street 121,986 Kabam, Inc. Cornerstone Real Estate Advisers, Inc. 795 Folsom Street 63,222 Fremont Group ( C ) ( R ) GLL Real Estate Partners 199 Fremont Street 60,337 RPX Corporation ( R ) ( E ) Paramount Group, Inc. One Market Street, Steuart 59,837 LinkedIn Corporation ( C ) Prudential Real Estate Investors One Montgomery Street 57,123 KIXEYE Brookfield 333 Bush Street 52,593 Lewis Brisbois Bisgaard & Smith LLP Brookfield 333 Bush Street 52,000 Q1 2012 Top Contiguous Spaces (vacant/available in the next 12 months) Address Lessor (Sublessor) Sq. Ft. 1275 Market Street TMG Partners/DivcoWest 385,000 500 Terry Francois Boulevard ( C ) Sobrato Development 305,260 140 New Montgomery Street Stockbridge Real Estate 281,982 370 Third Street Kilroy Realty Corporation 280,000 888 Brannan Street SKS Investments 260,000 499 Illinois Street - Building Two Alexandria Real Estate Equities 214,162 760 Market Street ( C ) Thor Equities LLC 171,493 1355 Market Street Shorenstein Realty Services LP 157,584 875 Stevenson Street Shorenstein Realty Services LP 140,000 1255 Battery Street Levi Strauss & Company 119,996 188 Spear Street Shorenstein Realty Services LP 110,826 444 De Haro Street ( C ) AREA Property Partners 106,360 ( S ) = Sublease ( R ) = Renewal ( E ) = Expansion ( C ) = Cornish & Carey Commercial Newmark Knight Frank Involvement 4 SAN FRANCISCO • OFFICE • FIRST QUARTER OFFICE MARKET HIGHLIGHTS – SALES & DEVELOPMENT One Beach Street American Assets Trust purchased One SAN FRANCISCO OFICE •FIRST QUARTER Beach Street from The Swig Company LLC for $36 million ($376/rsf).
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