Summer 09 Mailer
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Jon Dishotsky From:
Jon Dishotsky
Sent:
Wednesday, August 19, 2009 11:42 AM
To:
'Jon Dishotsky Work'
Cc:
JD Lumpkin
Subject: San Francisco Market Update
A Quick Market Note... The U.S. economy seems to be nearing a critical turning point: although unemployment continues to rise, most leading economic indicators exhibited growth during the second quarter of 2009. The financial, professional and business service sectors in San Francisco Metro lost a combined 13,800 jobs year-over-year, which has strongly impacted San Francisco’s Central Business District (CBD) due to the large concentration of financial, legal and retail tenants. Many businesses are sitting on the sidelines, waiting for the best opportunity to negotiate a deal, or they are currently unable to act due to unstable economic conditions. However, the gap between asking rental rates and taking rental rates continues to shrink, having a positive effect on leasing activity. The amount of space shed during the second quarter had less negative impact due to this slight uptick in leasing activity. This leasing activity is indicative of tenants taking advantage of the favorable leases that can be negotiated right now. There continues to be a downward pressure on asking rents as landlords strive to fill vacancies and compete with the low rents offered by sublandlords Below you can see that the amount of activity has slowed down substantially, however the pent-up demand waiting on the sidelines will likely re-enter the market in the next 2 -3 quarters and activity will rebound substantially. San Francisco
(CBD - Central Business District) *Graphic and Data compiled by Cushman & Wakefield Research Group
8/19/2009
Page 2 of 2
Call with any questions or for more insight, Jon Dishotsky Brokerage Services Cushman & Wakefield, Inc. - License No. 00616335 One Maritime Plaza, Suite 900 San Francisco, CA 94111 License No. 01831321 Tel: (415) 658-3635 Fax: (415) 773-3585 Email: [email protected] www.cushmanwakefield.com Linked In - http://www.linkedin.com/in/jondishotsky
8/19/2009
Jon Dishotsky From:
Jon Dishotsky
Sent:
Wednesday, August 19, 2009 11:42 AM
To:
'Jon Dishotsky Work'
Cc:
JD Lumpkin
Subject: San Francisco Market Update
A Quick Market Note... The U.S. economy seems to be nearing a critical turning point: although unemployment continues to rise, most leading economic indicators exhibited growth during the second quarter of 2009. The financial, professional and business service sectors in San Francisco Metro lost a combined 13,800 jobs year-over-year, which has strongly impacted San Francisco’s Central Business District (CBD) due to the large concentration of financial, legal and retail tenants. Many businesses are sitting on the sidelines, waiting for the best opportunity to negotiate a deal, or they are currently unable to act due to unstable economic conditions. However, the gap between asking rental rates and taking rental rates continues to shrink, having a positive effect on leasing activity. The amount of space shed during the second quarter had less negative impact due to this slight uptick in leasing activity. This leasing activity is indicative of tenants taking advantage of the favorable leases that can be negotiated right now. There continues to be a downward pressure on asking rents as landlords strive to fill vacancies and compete with the low rents offered by sublandlords Below you can see that the amount of activity has slowed down substantially, however the pent-up demand waiting on the sidelines will likely re-enter the market in the next 2 -3 quarters and activity will rebound substantially. San Francisco
(CBD - Central Business District) *Graphic and Data compiled by Cushman & Wakefield Research Group
8/19/2009
Page 2 of 2
Call with any questions or for more insight, Jon Dishotsky Brokerage Services Cushman & Wakefield, Inc. - License No. 00616335 One Maritime Plaza, Suite 900 San Francisco, CA 94111 License No. 01831321 Tel: (415) 658-3635 Fax: (415) 773-3585 Email: [email protected] www.cushmanwakefield.com Linked In - http://www.linkedin.com/in/jondishotsky
8/19/2009
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