News
Q1 Office Roundup: The Stats Are In
April 9, 2014
Office absorption was roughly 160k SF for the quarter, and JLL NorCal research manager Julia Georgules expects that number to be significantly higher by year end thanks to new deliveries. Since the market hit rock bottom in 2010, JLL found average asking rents have skyrocketed 70% from $33.57 to $57.21. (As the band Alabama said: "You can't keep a good rent down.") Vacancy increased slightly from Q4 to Q1 because 680 Folsom and 50-60 Hawthorne haven't been occupied yet; those numbers will be absorbed through the year. (TMG's Matt Field shows off the 680 repositioning project, above, which will welcome Macys.com and Riverbed this year.)
