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John Caronna joins NAI Northern California as Vice President in Oakland

Multifamily real estate specialist joins the team in Oakland

NAI Northern California is pleased to announce that John Caronna has joined as Vice President in Oakland to focus on multifamily real estate. John’s combined experience as a multi-unit real estate specialist, property owner and manager makes the transactions stress free for his clients.

How are there over 100,000 vacant homes in the San Francisco metro area?

An estimated 100,025 homes are sitting empty in the San Francisco metro area.

Compared to other cities, San Francisco metro area’s vacancy rate is actually low at 5.6 percent. Of the 1.784 million households counted in the census region, roughly 1.684 million are occupied. LendingTree concludes a region like San Francisco – which includes Oakland, Hayward and surrounding areas is what’s considered a sellers’ market, meaning people selling their homes will easily find buyers, while future homeowners will struggle to buy. Anyone who has tried to buy a home in the city in the last decade knows this to be true.

Read more on SF Gate

Jonathan Kelly joins NAI Northern California as Senior Investment Advisor in San Francisco

Specialist in residential real estate and technology industries joins the team in San Francisco

NAI Northern California is pleased to announce that Jonathan Kelly has joined as Senior Investment Advisor in San Francisco to focus on multifamily investment properties. Jonathan uses his entrepreneurial mindset to develop creative products and solutions for his clients, and spends his free time analyzing market conditions and evaluating potential properties.

 

Divine Katoure joins NAI Northern California as Senior Investment Advisor in Oakland

Expert in commercial real estate markets joins the team in the East Bay

OAKLAND, CA – March 14, 2019 – NAI Northern California is pleased to announce that Divine Katoure has joined as Senior Investment Advisor in Oakland to focus on retail, office space leases, sales, and industrial leases. Divine grew up in a real estate family, and brings her experience in creating effective solutions, as well as her years of focus on the East Bay and San Francisco markets.

About NAI Northern California

NAI Northern California is a full service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network with more than 400 offices worldwide and over 7,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

Tod Rudee joins top Bay Area commercial real estate brokerage NAI Northern California as Executive Vice President in San Jose

Leader in multifamily, retail, and office investment transactions recruits real estate industry veteran to lead the charge in the South Bay

SAN JOSE, CA –  March 12, 2019 –  NAI Northern California is pleased to announce that Tod Rudee has joined as Executive Vice President in San Jose to focus on leadership and expansion of commercial real estate services throughout the greater Silicon Valley area. Tod brings nearly 30 year of extensive experience in commercial real estate strategy, transaction services, and brokerage performance management in Silicon Valley. His previous background includes leading the San Jose office as Managing Director for CBRE as well as management roles with Colliers International and Premier Properties.

“Silicon Valley has been one of the top tier real estate markets in the United States for a while. As the home of big tech influencers like Apple and Facebook, the South Bay region continues to be major hub for investment. We have had great success working with a multitude of real estate investors on transactions for multifamily, retail, office, industrial, and mixed-use asset types from San Mateo to Palo Alto to downtown San Jose and Gilroy. We have have some major success stories representing corporate clients in meeting their leased space requirements, as well as representing some Silicon Valley landlords. Bringing a great leader like Tod Rudee on board is all about doubling down our efforts in Silicon Valley by building a first-class team of institutional brokerage professionals,” remarks President James Kilpatrick.

Recently on the San Francisco Business Times Book of Lists, NAI Northern California hit the top 5 and 6 spots in San Francisco and the East Bay and top 15 Bay Area wide. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 4 most recognizable commercial real estate brand.

About NAI Northern California

NAI Northern California is a full service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network with more than 400 offices worldwide and over 7,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

How would San Francisco’s proposed fees on empty storefronts affect retail and mixed-use properties?

This week the San Francisco Board of Supervisors will vote on whether to require owners of vacant storefronts unoccupied for more than 30 days to register their properties and pay an annual fee. This is one of the proposals they are considering to get a better idea of and start to remedy the glut of unused storefront space around the city.

Read more on Curbed San Francisco

Downtown San Jose hotel tower proposal gets dozens more rooms

19-story hotel in downtown San Jose would have 272 rooms.

A downtown San Jose hotel tower would have many more rooms than first proposed, according to new plans being offered by the project’s developer.

Originally, the hotel planned for the northeast corner of North Almaden Boulevard and West Santa Clara Street would have contained 220 rooms, but the latest plans propose 272 rooms, plans from project developer KT Urban shows.

“There are several key factors driving the demand for new hotel rooms in the downtown core,” said Mark Tersini, principal executive with KT Urban. “They include convention center demands for larger venues, job growth in San Jose and the Bay Area, office expansion, along with the SAP Center events.”

Among the biggest corporate plans for downtown San Jose: Google plans a transit village of offices, homes, shops, restaurants and parks near the Diridon train station, while Adobe is pushing ahead with a big expansion of its existing three-building  campus with the addition of a fourth office tower.

Plus, other firms such as WeWork, Zoom and Xactly have expanded downtown, and WeWork wants even more office space for its co-working concept.

“We believe the hotel as designed will be a tremendous addition to the downtown core, providing state-of-the-art accommodations,” Tersini said.

Some residents have raised concerns that the hotel’s proposed height could overshadow nearby buildings such as the adjacent De Anza Hotel and block views of residents living in the Axis residential tower.

 

Read more at East Bay Times

 

 

Transit-oriented development changing how Oakland grows

When it comes to the future of Oakland, a good amount of the development that will change the city has one thing in common: the transit station nearby. 

Bay Area Rapid Transit has committed to an ambitious plan to build mixed-use transit-oriented developments around its stations throughout the Bay Area, and a number of those projects will be in Oakland.

Already, the transit authority has started to transform land around MacArthur Station in the northern part of the city as well as Fruitvale Station to the southeast. Construction is underway on Coliseum Transit Village from UrbanCore Development and Oakland Economic Development Corp.

Future plans call for continued development on those sites and projects to go up around downtown BART stations.

BART’s transit-oriented development policy states that the agency will only move forward with future developments in cities that have adopted station area plans, and Oakland has been at the forefront, BART’s Sean Brooks said. Brooks, the department manager of real estate and property development for BART, will speak about TODs at Bisnow’s The Evolution of Downtown Oakland March 13.

Projects already underway have required upzoning, and the city also has been progressive about parking requirements, Brooks said.

“The city has kind of bent over backwards to help and advance some of these projects,” he said.

Case in point: the planned development for West Oakland, which got through the planning commission in record time, he said. The project was helped along in no small part because of the affordable housing it is bringing to the city.

 

Read more at Bisnow Oakland

 

Fight brews over hotel and housing project near Moscone Center

In San Francisco’s SoMa, an argument over city transparency could threaten to derail a key hotel and housing project. 

Across the street from the Moscone Center, the San Francisco Municipal Transportation Agency wants to turn a 732-spot garage on public land into a lucrative development. The idea is to help lure more conventions to the expanded Moscone Center, which just underwent a $550 million renovation, and build urgently needed affordable home.

But SFMTA has made a series of missteps that reveal a lack of transparency in how cities may handle public land, say community advocates, including keeping the development proposals private, not holding public meetings, and delaying the selection process. Those criticisms boiled over at a recent SFMTA board meeting and have worked their way up to the district supervisor’s ears.

The SFMTA is “trying to hold its cards closer to the chest, but that may end up making problems for them moving forward,” said District 6 Supervisor Matt Haney, who represents the surrounding constituents. Haney is meeting with community members tonight about the process.

 

Read more at San Francisco Business Times

 

If California pursues a cap on rent increases, how many tenants will it actually help?

What happened to all that talk about rent control?

Less than four months after an initiative to allow cities to expand rent control failed overwhelmingly at the ballot box, and less than four months after then-incoming Gov. Gavin Newsom talked about brokering a compromise between tenant and landlord groups, no new legislation from lawmakers or specific proposals from the Newsom administration have been introduced to cap how much rents can rise.Legislators who have backed rent control expansions in the past say they’re working on proposals to help tenants stay in their homes. Newsom, in his State of the State address earlier this month, called on the Legislature to send him tenant protections he could sign into law, although he didn’t offer any specifics.

“Everything is on the table,” said Assemblyman David Chiu, Democrat from San Francisco, who co-authored a failed rent control bill last year. “From topics like just cause eviction to Costa Hawkins and other protections, everything is being considered.”

One possible compromise: A bill to ban “rent gouging,” similar to one poised to take effect in Oregon.

That measure, expected to be signed by Gov. Kate Brown in the next few weeks, would make Oregon the nation’s first state to enact anti-gouging provisions covering the vast majority of rental properties within its borders. While often characterized as statewide “rent control,” in reality it focuses on the most flagrant rent hikes—typically 10 percent or more.

“It was surprising to see (Oregon) with that type of success. It was heartening,” said Chiu. “As California policymakers we like to think we’re leading, but in this instance, hats off to our Oregon counterparts.”

Chiu stresses that any rent-gouging bill would need to be part of more comprehensive tenant protections, and that other more stringent rent control measures are still a possibility.

A UC Berkeley housing think tank released an anti-gouging proposal last year after consulting with both landlord and tenant groups. A Bay Area regional housing plan popular with state legislators from the area offers a similar solution.

So what exactly would an anti-gouging law in California actually look like? And how many people would it actually help?

No one can say yet.

 

Read more at East Bay Times