San Jose becomes a ‘city of churn’ as high-earners move in and residents look to lower-cost markets

San Jose is simultaneously one of the nation’s most sought cities by job seekers and home to the most job holders who want to leave, a dichotomy that could have profound impacts on Silicon Valley’s business future and social fabric.

That dichotomy stems from the way technology has become the foundation of the U.S. economy and Silicon Valley the capital of that industry, says the author of a recently published study by the online jobs and recruiting site Glassdoor. And it could have profound impacts on the Valley’s business future and social fabric.

“San Jose is a city of churn,” said Andrew Chamberlain, Glassdoor’s chief economist. “It’s the most dynamic of any city of the big metros we looked at” in the company’s 25-page report entitled “Metro Movers: Where are Americans moving for jobs and is it worth it?”

San Jose ranks third on the list of places — after San Francisco and New York — where U.S. job seekers in Glassdoor’s database of 668,000 job applications are applying, the report says.

But San Jose ranks behind only Providence, Rhode Island — which turns out talented college graduates much faster than it creates jobs — as home to the largest percentage (47.6 percent) of applicants seeking work elsewhere.

 

 

Read more from Silicon Valley Business Journal

 

 

 

Nine Proven Strategies To Make 2018’s Peak Rental Season Vacancy-Free

In much of the country, the start of peak rental season is just a handful of weeks away, meaning that now is the time to get ready for the rush.

The beauty of peak season is that more people are looking for places to live, which means your pool of potential applicants is bigger — but the flip side is that all of your current tenants are also more likely to move on.

Whether this is your first peak season or your fiftieth, these nine strategies can help minimize the chances that any of your units sit empty, even when turnover is high.

Read more from Forbes

 

 

Central SoMa Plan Could Add 11 Stories To Pinterest’s HQ

If the city moves forward with an ambitious plan to guide office and housing development in Central SoMa, Pinterest hopes to add a vertical 11-story addition to its headquarters at 505 Brannan St.

A proposal filed by TMG Partners, one of the original six-story building developers, includes an 11-story addition that would add 165,000 square feet to the site and bring its height to 240 feet.

The current building offers 129,450 square feet in office space and is 85 feet tall, but the site is permitted for a structure 250 feet tall, according to SF Planning documents.

The addition is anticipated to cost $38 million.

Read the full article from Hoodline

Proposed San Francisco ballot measure would set aside 6M SF in office for central SoMa

A proposed San Francisco ballot measure could fast-track approvals of 6M SF of office in Central SoMa, but there is a catch. New office projects would have to contribute to affordable housing projects or pay additional fees, the San Francisco Business Times reports. Under the proposed measure, the area would not fall under Prop M, which caps new office space in the city at 950K SF each year. Office projects would have to add to affordable housing either by dedicating land, buying existing affordable housing or pay an affordable housing fee within 30 days of approval or a 25% larger fee for affordable housing. The ballot measure is being submitted by TODCO Executive Director John Elberling in partnership with SPUR as a way to promote more affordable housing.

Read more from Bisnow

Mountain View approves North Bayshore Plan with about 10,000 housing units

The Mountain View City Council unanimously approved the North Bayshore Precise Plan late Tuesday. The decision opens the door to Google and other developers to build nearly 10,000 housing units, 3.6M SF of office and a mix of parks, retail and other businesses, the Mercury News reports. The plan will transform the area, which includes Google’s headquarters, into a high-density mixed-use district. The area plan will create three new neighborhoods called Joaquin, Shorebird and Pear with about 150 acres dedicated to a mix of single-family homes and apartments. Of the 9,850 units allowed, 70% will target studio or one-bedroom apartments. About 20% of the apartments will be affordable. Commercial buildings will be up to eight stories while residential units will be up to 15 stories.

Read more from Bisnow

Development of red-tagged West Oakland warehouse moves forward

A San Francisco developer’s plans to develop a blighted warehouse in West Oakland into 102 live/work units are moving forward, with the goal of offering most of the previous tenants a place to live in the new building.

The project at 1919 Market Street has been through many hurdles since developer oWow, run by Danny Haber, purchased it in June 2016; it’s slated to finish construction in 2018. Before the purchase, it was red-tagged by the city, causing the previous tenants to be displaced. Haber later had it partially demolished.

The warehouse has been a point of controversy for years — both before Haber bought it and afterward. Before Haber came in, the warehouse was pervaded with code violations. Haber said his team attempted to work with the city to fix the problems over time and keep the tenants living there, but city inspectors deemed the building uninhabitable and red-tagged it.

Read more from East Bay Times

What is Ed Lee’s legacy for the San Francisco skyline and population?

Edwin Mah Lee, San Francisco’s 43rd mayor and the third to die in office, leaves behind a city in transition. The second-tallest skyscraper west of the Mississippi River is rising in South of Market, a few blocks away from where another monolith tilts slowly into the muck. In Mission Bay, a derelict ghost town a decade ago, an 18,000-person basketball arena is under construction in what’s now a dense forest of hospitals, university classrooms, and research facilities. More people than ever before live and work in San Francisco, where the homeless population is resiliently constant, tent cities are taking over sidewalks in front of million-dollar condos, and where income inequality tests the limits of metaphor.

Read more from Curbed

6 CRE Trends to Watch in 2018 (And How They Impact Your Prospects)

What does the commercial real estate industry look like in 2018? How will today’s emerging market dynamics affect the business in the long run? The commercial real estate industry saw incredible growth in 2016 and 2017 and CRE professionals and investors are anticipating.

Let’s take a look at 6 CRE trends to watch in 2018 and how they will impact your prospects.another great year for the industry.

Read more from ProspectNow

5 Quick Tips for CRE Social Media

Social media is one of the most active and engaging forms of marketing in today’s world. Unlike before, retailers aren’t the only companies taking advantage of all that social media has to offer their business. Commercial real estate companies like NAI Global are participating in the conversation on social media and engaging with their clients and consumers online.

Here are five quick tips for CRE social media.

Utilizing a Unique Hashtag

Twitter is driven by hashtags, so for commercial real estate, it is important that you develop your own unique hashtag to use consistently so the flow of information regarding the top runs smoothly. For example, NAI Carolantic uses the popular hashtag #FeaturedProperty to showcase properties they are marketing.

Showcasing Achievements

Showcasing your brokerage and your real estate professionals’ achievements will set you apart from the competition of social media. NAI CIR showcases when brokers earn CRE credentials and when the brokerage takes home various awards. This can help attract clients and differentiate your brokerage from the pack.

Give Company Updates

Your feed doesn’t have to be full of commercial real estate listings and news, you can also use this space as a place to give company updates, such as a new website like NAI Bergman posted about, or on promotions and other employee news. Use this space to help your social listeners gain a better understanding of your brokerage and its professionals.

Share Relevant Industry News

Make sure your social media channels are full of valuable content and not just information about your brokerage and your listings – for a successful social media channel, you’ll need a healthy balance of both. NAI Northern California does an excellent job of sharing commercial real estate articles that highlight big deals, new developments and industry trends that followers will find intriguing.

Make it Visual

There is nothing more monotonous than a social media feed full of text and no imagery. You want you followers to be engaged with your content, so be sure to include photos, videos and other graphics to make your posts eye catching. Ask questions and start a conversation on your feed. NAI Hallmark uses an image with almost every post to make sure that they stay relevant and show stopping amongst the other posts in the feed.

Social media can truly elevate your brokerage’s impact on the industry. As technology and the way we communicate continues to evolve, it’s important to stay active on social media and establish a digital brand that sets you apart from the competition. NAI Global does a great job of posting engaging and valuable content on its social media channels. CRE social media doesn’t have to be just numbers, figures and CRE info – it can be your brokerage’s form of digital branding and can give followers an insight into the brokerage’s personality.

 

Read more from NAI Global

 

Real Estate Economists Staying Positive but Reining in Optimism

After predicting an uptick in U.S. economic growth and interest rates six months ago, real estate economists have tempered their forecasts, moving closer to the predictions of one year ago. While the April 2017 optimism could be attributed to proposals to reform the tax code, reduce regulatory burdens, and invest in infrastructure, little progress has been made on tax reform and infrastructure and the economy seems to be back to business as usual after the global financial crisis.

As a result, real estate economists now have lower expectations about economic growth, employment growth, and interest rates than they had in the spring. Key real estate metrics, such as NCREIF Property Index (NPI) returns and transaction volumes, which showed little change six months ago, have moved slightly lower in this survey. While expectations have moderated, forecasters predict that the current expansion is poised to set an all-time longevity record and real estate will clearly benefit.

Read more from Urban Land Magazine