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.
President James Kilpatrick quoted on Commercial Property Executive about NAI Northern California’s new leadership hire in San Jose:
“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, Calif., to downtown San Jose and Gilroy, Calif. … 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,” said James Kilpatrick, president of NAI Northern California, in prepared remarks.
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.
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.
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.
Report says both incomes and costs soaring in the state’s tech capitol.
It’s the best of time and the worst of times in Silicon Valley, at least according to Joint Venture Silicon Valley, a regional think-tank that issued its annual Silicon Valley Index last week.
The 2019 index, a “comprehensive report based on indicators that measure the strength of our economy and the health of our community,” describes the Valley as materially successful but fundamentally anxious, as new wealth puts additional stress on those most vulnerable.
The report defines Silicon Valley as a broad region encompassing parts of Santa Clara, San Mateo, and Alameda Counties, ranging from Daly City to Union City to Gilroy to Scotts Valley.
The index includes some data from San Francisco for context but does not include the city as part of its larger regional definition. Most of the data covers 2017, with some references to 2018 as well.
Leader in Bay Area multifamily, retail, and office investment sales and leasing transactions owes continued expansion to its team of talented people
Fast-forward from its 2004 debut on the San Francisco Bay Area real estate scene, NAI Northern California has grown in transaction volume to the 5th largest commercial real estate brokerage in San Francisco and 6th largest in the East Bay according to the San Francisco Business Times. With a major specialization in investment property sales and corporate leasing transactions, the company was up 18% in total revenue from the previous year.
“We are proud to have evolved into one the top brokerages that Bay Area investors turn to when it comes to representation of their multifamily, retail, office, industrial, and land assets,” says President James Kilpatrick.
He points out, “The secret to our success is that we invest in talented real estate professionals who provide amazing service on transactions and offer deep expertise on Northern California submarkets and far beyond. We bring together a group of people as diverse as the Bay Area itself, and we value what all these different experiences bring to serving our clients. Our company culture is really big on professional development and empowerment, from our interactive sales training workshops to our technology platform that encourages a high level of collaboration.”
“2018 was a great year for NAI Northern California, and we are excited to be celebrating with all our top agents in Las Vegas this spring for our Top Producers Retreat,” says James Kilpatrick. “Our San Francisco and East Bay teams are solid, and as the year unfolds NAI Northern California is ramping up an expanded presence to serve our clients in the South Bay Area.”
WeWork is leasing a new downtown San Jose location, a clear indication of an ongoing expansion by the co-working titan in the core area of the Bay Area’s largest city.
The newest WeWork location is at 152 N. Third St., a downtown San Jose office building owned by a group led by Gary Dillabough, a realty investor who is partnering with WeWork on the Bank of Italy office tower project a few blocks away.
The interest from WeWork in the North Third Street building appears to point to a rising focus on downtown San Jose, spurred by potential major developments in the area by tech titans such as Google and Adobe Systems.
WeWork agreed to lease 75,000 square feet at 152 N. Third St., according to commercial realty experts and information from sources with knowledge about the WeWork plans at that office building. The WeWork operation on North Third Street also shows up on the company’s website as a “just announced” location.
“It’s very encouraging that WeWork is getting more interested in downtown San Jose,” said Mark Ritchie, president of Ritchie Commercial, a realty firm.
In addition, WeWork has taken space in one of the Riverpark Towers office high-rises at 333 W. San Carlos St. and the tower at 75 E. Santa Clara St.
“WeWork is now into four buildings in downtown San Jose,” Ritchie said. “152 N. Third St. should function very well as a co-working building.”
“Too many children go to bed at night without seeing parents who are stuck in crippling commutes.”
On Thursday, San Jose Mayor Sam Liccardo endorsed SB 50, the proposed new law that aims to create more dense housing near major transit lines in California, as did the mayor of Stockton, Michael Tubbs.
Introduced in December, the bill, written by SF-based State Sen. Scott Wiener, is a follow-up to the very similar but unsuccessful SB 827.
According to Wiener’s office, the bill “eliminates hyper-low-density zoning near transit and job centers.”
The text of the proposed law specifies that it applies to “sites within one-half mile of fixed rail and one-quarter mile of high-frequency bus stops and in job-rich areas.”
On Thursday, Liccardo praised the proposal as a potential antidote to long commutes.
“Too many children go to bed at night without seeing parents who are stuck in crippling commutes,” Liccardo said in an emailed statement.
The mayor predicts that “SB 50 will spur more affordable housing near transit and job centers so that people can live close to where they work.”
Stockton Mayor Michael Tubbs endorsed the measure this week too, promoting it as a way to encourage more housing and keep prices down.
“As we force individuals to pay more for their rent, we also push them into poverty,” said Tubbs. “This is a policy failure that we must address.”
San Francisco Mayor London Breed, Oakland Mayor Libby Schaaf, and the mayors of Sacramento and Los Angeles are also among those who endorsed the measure or “made positive statements regarding the direction of the bill” previously, according to Wiener’s office.
Developers eye projects in downtown San Jose and parts of Oakland, bolstered by tax incentives keyed to opportunity zone.
Developers and a new crop of investors are eyeing projects in downtown San Jose and parts of Oakland, bolstered by opportunity zones enabled by President Donald Trump’s tax-cut initiative.
Potentially the first project in a local opportunity zone would be development of a brand-new office and retail complex on South First Street in downtown San Jose at the site of the old Lido night club, said Erik Hayden, president of Urban Catalyst, a company that as formed an opportunity fund that would provide cash for selected developments in designated areas.
“These opportunity zones are ways to create greater economic activity in lower-income areas,” Hayden said. “They were originally presented to the Obama Administration but didn’t get a lot of traction. Then they became part of President Trump’s tax cuts and jobs act. San Jose Mayor Sam Liccardo very successfully lobbied Gov. Jerry Brown to get downtown San Jose included.”
Investors who plunk down cash for an opportunity fund can “defer or eliminate federal taxes on capital gains,” according to information on the state’s Department of Finance site.
The Lido night club site, currently a two-story building at 26 and 30 S. First St., is now owned by a partnership led by Gary Dillabough, who has emerged as one of downtown San Jose’s most active realty investors and developers. Among the properties Dillabough-headed groups have bought: the nearby Bank of Italy building, a historic office tower at the corner of South First and East Santa Clara streets.
A big development that will bring downtown San Jose two striking residential towers containing more than 600 dwellings, along with spaces for a restaurant, coffee shop and retailers, is slated to push ahead with construction this month, according to a realty executive.
Miro is a housing high-rise that would dramatically reshape San Jose’s skyline and become its tallest towers.
The project has gotten through a three-month delay after workers hit an aquifer and water poured into the construction site, creating a large pond that had to be controlled and pumped out.
Now that project developer Bayview Development Group has vanquished the water woes, contractors are expected to begin pouring the surface concrete slab within the next few weeks, a necessary prelude to construction of the vertical components.
The development would include two towers that each will rise 28 stories and will also offer 18,000 square feet of commercial space, including enough room for a sit-down restaurant, a coffee shop and other retailers.
The project fronts on East Santa Clara Street as well as the corners of North Fourth and North Fifth streets. It’s right across the street from San Jose City Hall.