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Market Overview a Quarterly Publication of the San Francisco Office Market by the Axiant Group 4Th Quarter 2018

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Market Overview a Quarterly Publication of the San Francisco Office Market by the Axiant Group 4Th Quarter 2018 Market Overview A quarterly publication of the San Francisco office market by The Axiant Group 4th Quarter 2018 200,000 square feet at One Maritime Plaza. These two new Fourth quarter leasing activity leases will bring Google’s total commitment in San Francisco remained strong, mirroring the to 1.5 million square feet of space, making them the 4th larg- est user of space in San Francisco. Other locations for Google numbers we saw in the 3rd quarter. are clustered in the Spear Street corridor at 345 Spear Street/ Vacancy rates continued to drop, hitting 5%, Hills Plaza, 2 Harrison/Hills Plaza 2, 121 Spear Street/Rincon a number which has not been seen since the Center 2 and 188 Embarcadero. The space Google leased at One Market Street was previously occupied by SalesForce year 2000. and became available when they moved into their new head- Vacancy Rates Drop Again quarters, SalesForce Tower. Space at One Maritime became available due to tenants moving to SalesForce Tower. Fourth quarter leasing activity was strong with vacancy rates continuing to drop. Vacancy rates fell from an adjusted 5.7% Axiant Represents Coblentz Law Firm in the 3rd quarter to 5.0% in the 4th quarter. Gross leasing increased from 1,081,384 square feet in the 3rd quarter to The Axiant Group is pleased to 1,585,255 square feet in the 4th quarter. Net absorption was have represented well known 400,447square feet, slightly less than 3rd quarter absorption San Francisco-based law firm of 459,503 square feet. of Coblentz Patch Duffy & Bass. Axiant Group principal Jeff Average asking rental rates for Class A space decreased to Tremolada was the lead advisor $70.80 in the 4th quarter from $71.45 in the 3rd quarter. for the firm’s expansion, which Average rental rates for Class B financial core space increased will increase their footprint from $65.01 in the 3rd quarter to $66.08 in the 4th quarter. to over 56,824 square feet on Class B absorption was negative at -24,171. This was a de- three floors. They occupy the crease from the 3rd quarter absorption of 155,222 square feet. 28th, 29th and 30th floors at South of Market One Montgomery Tower. The SAN FRANCISCO SOMA SAN FRANCISCO FINANCIAL CORE (SOMA) vacancy Class A Rents Class B Rents Vacancy Class A Rents Class B Rents Vacancy lease was also extended to 80 11 80 12 rates decreased allow for over twelve years of One Montgomery 70 dramatically due 70 occupancy. One Montgomery 60 9 to full building 60 10 is a 36-floor tower with over 750,000 square feet of space. 50 50 commitments % Vacancy % Vacancy Originally built as the headquarters for Crocker Bank in 1982, from tech ten- 40 7 40 8 the building was overbuilt and is a Class “A” building in all $ Rental Rate $ Rental Rate ants, moving from 30 30 aspects. The location is also optimal – it is next to BART/Muni 6.1% vacancy rate 20 5 20 6 and is close to the South of Market area, making the building in the 3rd quarter 10 10 attractive to both older established firms and technology to 3.6% in the 4th 0 3 0 4 tenants. The building also features very efficient floor layouts Q118 Q218 Q318 Q418 Q118 Q218 Q318 Q418 quarter. for large users. Some years ago the Axiant group represented MARIN Vacancy Central Schwab when they leased over 250,000 square feet in the South Marin Rents A&B Central Rents A&B Vacancy South Google Adds 500,000 Square Feet building. Schwab selected this property for its layout – they 60 14 Early in the 4th quarter Google committed to over 300,000 were able to significantly decrease the amount of square 50 square feet of expansion space at One Market Street “The footage they needed in comparison to the alternatives. 12 40 Landmark”. Google also has a letter of intent for an additional % Vacancy 30 10 $ Rental Rate 20 3 Embarcadero Center, Suite P-3 | San Francisco, CA 94111 8 www.axiantgroup.com 10 0 6 Q118 Q218 Q318 Q418 OAKLAND CBD Class A Rents Class B Rents Vacancy 60 15 50 13 40 % Vacancy 30 10 $ Rental Rate 20 7 10 0 4 Q118 Q218 Q318 Q418 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 Q118 Q218 Q318 Q418 SAN FRANCISCO MARKET OVERVIEW 4th Quarter 2018 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. 60 521,531 4.70% 72,518 10 .60% 594,049 5.30% 50 Fin. Dist A 50 1,842,666 4.10% 254,614 .60% 2,097,280 4.60% % Vacancy % Vacancy 40 7 Fin Dist. B 40 697,994 5.50% 117,192 8 .90% 815,186 6.50% $ Rental Rate 30 SOMA A $ Rental Rate 30 70,958 2.40% 75,953 2.60% 146,911 5.00% 20 5 SOMA B 20 270,843 2.60% 70,709 6 .70% 341,552 3.20% 10 10 0 3 Large Tenants0 in the Market 4 Q118 Q218 Q318 Q418 Q118 Q218 Q318 Q418 Tenant Sq. Ft. MARIN Vacancy Central Slack 200,000 South Marin Rents A&B Central Rents A&B Vacancy South 60 14 Google 190,000 Skillz 45,000 50 12 40 Significant Leases Completed in the Fourth Quarter % Vacancy 30 10 Tenant Sq. Ft. Address $ Rental Rate Salesforce *** 325,000 550 Howard (Parcel F) 20 8 Google *** 309,457 One Market -Landmark 10 Doordash 175,261 303 Second Street 0 6 iRyhythmn Technologies 117,688 650 Townsend Q118 Q218 Q318 Q418 WeWork *** 103,000 One Post Street OAKLAND CBD Pivitol 84,000 875 Howard Street Class A Rents Class B Rents Vacancy 60 15 Instacart *** 79,000 50 Beale Street 50 Twitter * *** 78,603 1301 Market Street 13 Coblentz et al.* *** 56,824 One Montgomery Tower 40 % Vacancy Getaround 54,000 55 Green Street 30 10 Paypal 45,649 123 Townsend Street $ Rental Rate 20 Lime 41,699 85 Second Street 7 10 *Renewal **Sublease ***Expansion 0 4 Q118 Q218 Q318 Q418 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 Q118 Q218 Q318 Q418 & 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 3 Embarcadero Center, Suite P-3 | San Francisco, CA 94111 www.axiantgroup.com.
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