This week, we had the opportunity to host Jay Sternberg, Executive Vice President at Colliers International presenting a webinar titled: Bay Area Commercial Real Estate Dynamics
Here are some key takeaways from the webinar.
1. San Francisco Market Dynamics
In this session, Jay talked about how San Francisco compares the cost of living to the other major cities in the states in the 2020 Q1. He further shared a few examples on the commercial real estate establishments nearby the center of San Francisco and highlighted 2 major tech companies, Google and Apple, and explained how these establishments have influenced the overall market trend in San Francisco.
He also showed the audience the current development pipelines and explained how the rental rates related to the Nasdaq Index.
2. COVID-19 Impacts
In this session, Jay shared his insights regarding the COVID impacts to the real estate market, which cover labor and employment, workplace arrangements, and leasing issues. Since the office construction is not considered essential under the Shelter-in-Place (SIP) mandate, tenant improvement projects and construction are experiencing significant delays.
Therefore, delays in construction will result in delays in the handover of premises.
In May 2020, Office Construction projects open up with the following regulations implemented by Cal-OSHA, he explained how will these regulations changes the construction projects compared to 2018/2019.
Wrap up
This was an in-depth and informative webinar that offers information and analysis related to the Bay Area Commercial Real Estate Market. It is beneficial to anyone interested in this field, whether you are the tenants or landlords.
If you are interested to get more details regarding this topic, please contact the panelists presented below.
Jay Sternberg
Executive Vice President, Colliers International
Direct: +1 415 288 7821
Email: jay.sternberg@colliers.com