Broker Incentives Are Back
Broker incentives are often a sign of a slowing market (though S.F. is anything but slow). But Bisnow's market sources say the incentives are piling up in the market, most notably a recent incentive from CBRE. For every qualified tour of Suite 1000 (about 8k SF) at 655 Montgomery, brokers will get a $100 gift certificate to Kokkari, aka, one of the hottest Greek restaurants in town, especially among real estate circles. And there's a $2/SF bonus commission to the procuring broker for a minimum five-year term. The building has about 20k SF up for grabs.
Brokers have been predicting a rise in incentives like these for six months now, sources say. Last December, we all remember the Belvedere magnums that drew droves of brokers to 555 Market. (It paid off; Uber was the tenant that signed.)
