Enough Bodies For S.F. Seats?
Market forecasts are more fun when they look like Candy Land, so we appreciate newly promoted JLL VPs Amber Schiada and Julia Georgules. Looking at big pre-leases (Dropbox, Salesforce, LinkedIn), the question is whether they can find enough employees to fill spaces. S.F. has 56,000 high-tech jobs, up 26,000 from 2010. Based on square footage coming online, companies need to hire 33,000 more over the next three years. Research also shows a landlord's market, where rents won't fall below the $50/SF mark, even if there is a correction. Julia tells us her career in real estate was a total fluke; a recruiter sent her to the wrong interview at Staubach (not a private wealth management firm). Nine years later, she's JLL's associate director of US office research. At home in PacHeights, she's busy trying to convince her toddler to wear clothes.
