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Market Overview a Quarterly Publication of the San Francisco Office Market by the Axiant Group 2Nd Quarter 2017

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Market Overview a Quarterly Publication of the San Francisco Office Market by the Axiant Group 2Nd Quarter 2017 Market Overview A quarterly publication of the San Francisco office market by The Axiant Group 2nd Quarter 2017 due to the building’s small floor Leasing activity decreased slightly plates (12,000-13,000 square Net absorption was feet). Small floor plates are not in the 2nd quarter. as efficient for a larger tenant, still negative but not as high as the numbers we who typically prefer floor plates saw in the 1st quarter. Both vacancy rates and of 20,000+ square feet. By con- rental rates increased marginally. trast, a neighboring building, Salesforce Tower, has much larg- Vacancy Increases Slightly in 2nd Quarter er floorplates and is currently Second quarter leasing activity in San Francisco’s financial core was 90% leased. Both buildings are stable, decreasing slightly from the 1st quarter. Vacancy rates increased projected for occupancy in the from an adjusted 8.0% in the 1st quarter to 8.3% in the 2nd quarter. 4th quarter of this year. If ru- Soon to be completed 181 Fremont Street Gross leasing activity was stable moving from 735,331 square feet in the mors prove to be true, Face- 1st quarter to 734,324 square feet in the 2nd quarter. Net absorption book will take the entire office portion of the building. The owner of the was still negative but, decreased in the 2nd quarter to -113,742 com- project, Jay Paul, has a number of buildings in the South Bay – one in Palo pared to the 1st quarter absorption at -579,897. Alto has been coveted by the owner of Facebook, Mark Zuckerberg, for SAN FRANCISCO SOMA SAN FRANCISCO FINANCIAL CORE Average asking rental some time. Jay Paul supposedly agreed, in concept, to sell the building to Class A Rents Class B Rents Vacancy Class A Rents Class B Rents Vacancy rates for Class A Zuckerberg if Facebook commits to all the space at 181 Fremont Street. 80 11 80 12 space increased from Facebook would relocate its non-core groups (Real Estate, Charity, Fi- 70 70 $69.80 in the 1st nance, etc.) to San Francisco and sublease any excess space. 60 9 60 10 quarter to $70.63 50 50 Zymergen Takes Huge Block in Emeryville % Vacancy % Vacancy in the 2nd quarter. 40 7 40 8 The largest lease completed this $ Rental Rate Average rental rates 30 $ Rental Rate 30 quarter was not in San Francisco, for Class B financial 20 5 20 6 but across the bay in Emeryville. core space increased 10 Zymergen leased almost 300,000 10 from $56.78 in the 0 3 0 4 square feet in three different build- Q316 Q416 Q117 Q217 Q316 Q416 Q117 Q217 1st quarter to $57.62 ings. They took roughly 160,000 in the 2nd quar- MARIN square feet of space in 6475 and Vacancy Central ter 2017. Class B absorption was negative at -72,082 square feet. This South Marin Rents A&B Central Rents A&B Vacancy South 6455 Christie Street. They also Christie Street 60 15 was a decrease from the 1st quarter, which had -109,688 square feet leased the entire building at “The negative absorption. 50 Atrium” located at 1650 65th Street, comprised of 127,000 square feet. 13 40 Facebook Rumored To Be Looking at 181 Zymergen also looked at San Francisco and was interested in Kilroy’s % Vacancy Fremont Street new project “The Exchange”, but returned sights to Emeryville due to 30 11 location and cost being significantly less than San Francisco. Zymergen $ Rental Rate Rumors have been circulating that Facebook is committing to 181 20 Fremont Street. The building is close to completion and is a mixed- is a technology company focusing on unlocking biological technology by 9 creating improved economics for existing products, allowing delivery 10 use complex, with residential condos occupying the top portion and commercial office space on the lower portion. The office space totals of new products to the market sooner, and developing new products. 0 7 They have been successful in allowing biological engineering to be more Q316 Q416 Q117 Q217 430,000 square feet. The building was built on spec (meaning no anchor predictable, reliable and perform at a higher level. The company recently OAKLAND CBD tenant was in place before construction began). The pre-leasing efforts Class A Rents Class B Rents Vacancy to date have been less than successful, with no tenants in place, likely received another round of venture capital funding in late 2016 for 60 12 $135 million. 50 10 Two Embarcadero Center, Suite 430 | San Francisco, CA 94111 40 www.axiantgroup.com % Vacancy 30 8 $ Rental Rate 20 6 10 0 4 Q316 Q416 Q117 Q217 PENINSULA Class A Rents Class B Rents Vacancy 60 14 50 12 40 % Vacancy 30 10 $ Rental Rate 20 8 10 0 6 Q316 Q416 Q117 Q217 SAN FRANCISCO MARKET OVERVIEW 2nd Quarter 2017 SAN FRANCISCO SOMA Where’s theSAN Space?FRANCISCO FINANCIAL CORE Class A Rents Class B Rents Vacancy Class A Rents Class B Rents Vacancy 80 11 Submarket 80 Direct SF Vacancy Sublet SF Vacancy12 Total SF Vacancy 70 70 (direct) (sublet) (Total) 60 9 Top 10 Build. 60 622,596 6.6% 83,412 10 .90% 706,008 7.50% 50 Fin. Dist A 50 3,056,047 7.20% 356,215 .90% 3,420,262 8.00% % Vacancy % Vacancy 40 7 Fin Dist. B 40 1,106,459 8.5% 117,282 8 .90% 1,223,741 9.40% $ Rental Rate 30 SOMA A $ Rental Rate 30 163,607 5.50% 41,039 1.40% 204,646 6.90% 20 5 SOMA B 20 407,948 4.2% 210,636 6 2.1% 618,584 6.30% 10 10 0 3 Large Tenants0 in the Market 4 Q316 Q416 Q117 Q217 Q316 Q416 Q117 Q217 Tenant Sq. Ft. MARIN Vacancy Central Amazon 200,000 South Marin Rents A&B Central Rents A&B Vacancy South 60 15 Airbnb 200,000 Instacart 125,000 50 13 Pivotal Labs 125,000 40 OKTA 120,000 % Vacancy 30 11 Nixon Peabody 100,000 $ Rental Rate Asana 100,000 20 9 10 Significant Leases Completed in the First Quarter 0 7 Tenant Sq. Ft. Address Q316 Q416 Q117 Q217 Zymergen 300,000 Emeryville (3 buildings) OAKLAND CBD Class A Rents Class B Rents Vacancy Otto 131,000 Pier 70 60 12 Affirm 76,000 650 California Street 50 City & County of SF* 69,000 1390 Market 10 Cloudera 57,000 525 Market Street 40 % Vacancy Glu Mobile 57,000 875 Howard Street 30 8 WeWork 52,000 655 Montgomery Street $ Rental Rate 20 Door Dash 51,000 901 Market Street 6 10 *Renewal **Sublease 0 4 Q316 Q416 Q117 Q217 The Axiant Group Can Help You PENINSULA Do you want information about rents and space available in your building? Are you interested Class A Rents Class B Rents Vacancy 60 14 in subleasing or terminating your lease? Is your lease expiring in the next three years? 50 Contact The Axiant Group. We have handled transactions from 12 1,000 to 1,000,000 sq.ft. in the Bay Area and throughout the U.S. 40 % Vacancy The average tenure of our brokers is over 20 years. We have 30 10 handled assignments for clients including Chevron U.S.A., Coblentz, $ Rental Rate Patch, Duffy & Bass, Oracle Corporation, PG&E, Sutro & Company, 20 8 Zurich Scudder Investments, Charles Schwab, Texas Pacific Group, 10 Club One, Moss Adams, and many others. 0 6 John Abel – Principal Q316 Q416 Q117 Q217 T 415.374.2103 [email protected] License #00884176 Two Embarcadero Center, Suite 430 | San Francisco, CA 94111 www.axiantgroup.com.
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