2019 Q1 San Francisco Peninsula Market Research Report

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Large Blocks in Demand

The continued success of the San Francisco Peninsula commercial real estate market is sustained by innovative, fast-growing companies. Job growth acceleration and low vacancy rates create high demand for large blocks of space. San Mateo County has outperformed all other Bay Area markets with the latest unemployment rate of 2.3 percent. During this type of economy, rising office asking rates are common. In San Mateo County, these rates not only correlate with demand, but also with these properties having access to prime amenities including retail and public transportation.

While research and development (R&D) average asking rates experienced a small decline, this market sector is well-positioned with 6.8 million square feet of space either under construction or in the development pipeline with much of it already preleased. This trend demonstrates the confidence developers have in this market as well as tenants having a sense of urgency to commit before construction is completed.

Industrial average asking rents have risen the last six quarters to $1.75, an increase from last quarter's $1.54 rate. These asking rates are a direct measure of market demand demonstrating the overall strength of commercial real estate on the San Francisco Peninsula.

 

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2019 Q1 San Francisco Peninsula Market Research Report

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Mark Alferman

Senior Research Analyst

Redwood City

Before joining Colliers International, Mark Alferman worked at Real Capital Analytics (RCA) where for over a nine-year span, he rose through their Research and Client Service Departments. During Mark’s time at RCA, he specialized in the coverage of Northern California, conducted weekly client website trainings and ultimately led their domestic research team. His prior research, client services and leadership experience is invaluable to his Senior Research Analyst role here at Colliers International's San Francisco Peninsula office.

Mark was born and raised in Brooklyn, NY. He has been living on the West Coast for 20 years now, graduating from Golden Gate University with a History degree. Mark resides in Burlingame, CA with his wife and two daughters. 

Outside of work, Mark enjoys spending his time with his family, barbecuing and cooking with friends, cycling, reading and going to concerts.

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