Another strip mall in the books!
$9M, all-cash ๐
Big thanks to the JLL Capital Markets team!
We appreciate all the brokers who continue to think of us ๐๐ป
-Class B Strips
-Anywhere in the US
-No hand-holding
-$2M - $30M
-All-Cash
I am your buyer!
๐
In a survey of 1,300 global CEOs conducted by KPMG, 83% said they expect their companies will shift back to requiring five days of office attendance sometime in the next three years.
https://t.co/1saalG958S
โโฆ. CEO Andy Jassy said the company believes there are significant advantages to having employees in the office full time.โ
#WorkFromWork
https://t.co/k3EcEqRVS1
The Bay Area has the highest concentration of AI talent in the US with over 55,000 AI professionals compared to 250,000 nationwide
The Bay Area's location quotient of 9.5 means it has 9.5 times the concentration of AI talent compared to the national average. This attracts more startups, investments, and AI-related events than any other market in the US.
๐ข High-end office space remains scarce with limited new supply. Vacancy rates in newer buildings are dropping exacerbating the gap between overall and new building vacancies. 42 of JLL's 54 markets saw vacancy rates decline in the last quarter. New York, Seattle, Silicon Valley, and Houston have low vacancy rates in newer buildings. Overall vacancy rates are expected to peak by early-to-mid-2025, with newer buildings leading the recovery.
#jllcapitalmarkets #jllresearch #workfromwork
๐ข Good news for office attendance: June saw the highest occupancy rates since 2020 with peak-day occupancy near 80-90% of pre-pandemic levels nationally.
๐ผ Employers overwhelmingly favor increased office attendance: Amazon now envorces a minimum hours requirement, and Salesforce is increasing their three-day requirement to 4-5 days for most employees.
๐๏ธ The public sector has lagged private employers but federal agencies have now instituted 2-3 day hybrid requirements and state governments including California have instituted various return to office requirements.
#WorkfromWork #jllcapitalmarkets
I'm looking forward to our discussion as a panelst on @theregistrysf's Annual Mid-Year Broker Forum. Please sign up for the (free) event here: https://t.co/d24kbs9rDp
Second Quarter lease volume is highest since pandemic onset, up 15% QoQ and 7% YoY. Leasing now at 77% of pre-pandemic levels, Q2 totals almost back to normal. Significant increase in deals over 100,000 s.f. with larger transactions driving recovery.
#CRE#Leasing #JLLCapitalMarkets
In the first half of 2024, 50+ biotech companies raised venture rounds of $100+ million. At this pace we will be approaching market conditions seen during the peak three years ago.
Law firmsโ are now leasing more space than they did pre-2020 with many law firms expanding footprints to accommodate office attendance policies. #WorkFromWork
https://t.co/2360is3ab5
Very proud of our Silicon Valley and San Francisco debt teams for both being recognized as the #1 Commercial Real Estate Debt originator in both markets as well as all our JLL teammates across the country for being recognized as the #1 Debt Originator nationwide.
Office is on sale so why not buy your space? Turns out many occupiers are taking advantage with Costar Group, Prada, Kaiser Permanente, FanDuel, Hyundai, Amazon, Fortinet, and Intuitive Surgical having all acquired offices of $100+ million in 2023.
While many corporate users are disposing of older space with diminishing utility while others have taken advantage of pricing discounts to secure high-quality spaces at discounts to long-term leases and positioning themselves for a favorable sale-leaseback exit in the future.
https://t.co/4RLQg42UhL
While some of the office market is soft on leasing โLifestyle Officeโ continues to outperform and show leasing momentum and rent growth. Highly amenitized buildings, especially those with differentiated offerings like a roof terrace or full-service fitness center have collectively gained 23 million SF of net absorption, while the remainder of urban Class A product has lost more than 50 million SF of occupancy since 2020.
Shoutout to our JLL Bay Area Capital Markets team for powering through a turbulent 2023 and closing 184 deals! We secured $5B in Debt and $2B in Investment Advisory & Equity Placement transactions. None of this would've been possible without the trust of our clients, teammates, capital partners, and lender friends. Thank you! #JLL #BayArea #CapitalMarkets #siliconvalley #SanFrancisco