San Jose Market · VINAY BHATIA San Jose Market Report Third Quarter 2012 Sales Summary Real Estate...

San Jose MarketMarket Activity | Q3-2012

VINAY BHATIA | Associate650.320.0241 | [email protected] #01854270

About Vinay Bhatia San Jose Market Activity San Jose Market Sales Comparable Properties

650.320.0241 | [email protected] | Lic #01854270

VINAY BHATIA

San Jose Market ReportThird Quarter 2012

About the Multi-Family Group

Cassidy Turley’s Multi-Family Investments is Northern California’s source

for apartment brokerage services.

We are a collection of experienced real estate professionals providing

comprehensive market coverage to a diverse collection of clients including;

individual investors, operating partnerships, corporations, REITs and

equity funds. Our business model emphasizes the exclusive listing of

apartment properties by utilizing a transparent marketing process to

assist our clients in realizing their investment objectives. We monitor

the changes in the debt market in order to provide our clients real time

information relating to the impact of interest rates on property values.

We are also in constant contact with third party professionals such as

property management companies to help our clients in accessing the

best available services. Our mission is to assist our clients in their multi-

family investments, including when it meets their goals, representing

them in a property sales transaction.

Since our inception, we have grown to be one of the largest apartment

brokerages in Northern California. Our expansion has primarily been the

result of attracting experienced brokers to join us from our competitors.

We are further differentiated from other apartment brokerages by offering

a comprehensive network of submarket-based professionals that believe

in providing superior investor representation, advisory and advocacy.

OUR VALUES

Individual initiative balanced with collaboration and teamwork

Aggressive advocacy combined with integrity and trust

Creativity joined with discipline and focus

Knowledge and expertise put into action

Our values refl ect our group’s understanding that we must build client

relationships in order for us to further build our business. Experience

and market specifi city has been the foundation for our past success and

will remain so in the future. We are dedicated to Northern California’s

apartment investors and work had to maintain this commitment.

VINAY BHATIAAssociate

650.320.0241

[email protected]

Lic #01854270

BACKGROUND & EXPERIENCE

Vinay joined BT Commercial in the fall of 2008 focusing his energy

as an investment specialist on the apartment submarkets of Santa

Clara County. Prior to joining BT Commercial, Vinay worked within

the banking industry as well as an online advertising agency, where

he worked closely to build long-term relationships with successful

players within these markets. Vinay accepted a position as Associate

/ Investments with BT Commercial. He joins BT’s Multi-Family

Group as a specialist in the Santa Clara, Sunnyvale, San Jose and

Milpitas areas.

EDUCATION

San Jose State University / B.S. in Marketing

Visit www.ctbtapartments.com for more information.

Vinay Bhatia’s Bio


VINAY BHATIA


Sales Summary

Real Estate Transactions by Vinay Bhatia in 2012

Sale Date Address City Units SqFt Sale Price Representation

11/5/2012 953 Helen Ave Sunnyvale 14 9,782 $2,500,000 Both Procuring and

Listing

10/23/2012 Carls Jr/ Hardee's Union, SC NNN 3,372 $1,640,511 Procuring Cause

10/23/2012 Carls Jr/ Hardee's Cowpens, SC NNN 2,390 $1,211,160 Procuring Cause

9/12/2012 645 Nido Dr Campbell 4 3,928 $890,000 Listing Cause

9/12/2012 2883 Old Almaden Rd San Jose 10 8,987 $1,705,000 Listing Cause

9/12/2012 528 S. Mathilda Ave San Jose 8 5,276 $1,475,000 Both Procuring and

Listing

8/1/2012 2137 Main St Santa Clara 4 3,928 $715,000 Listing Cause

8/6/2012 778 Teresi Ct San Jose 6 3,500 $825,000 Both Procuring and

Listing

7/18/2012 1125 Delna Manor Ln San Jose 4 4,219 $900,000 Listing Cause

4/25/2012 3725 Miramar Wy Santa Clara 14 8,860 $2,140,000 Procuring Cause

Pending 357 Rutland Ave San Jose 3 1,580 Call Vinay for More Details Listing Cause

Pending 361 S. Buena Vista Ave San Jose 3 2,188 Call Vinay for More Details Listing Cause

Pending 1151 Ayala Dr Sunnyvale 4 3,072 Call Vinay for More Details Listing Cause

Pending 1207 Leigh Ave San Jose 8 4,808 Call Vinay for More Details Listing Cause

Pending Carls Jr/ Hardee's Opelika, AL NNN 3,513 Call Vinay for More Details Procuring Cause

Pending 2991 Magliocco Dr San Jose 24 17,016 Call Vinay for More Details Procuring Cause


VINAY BHATIA


Address Type Sq Ft Rent $/Sq Ft Rental Features

426 S. 6th St

San Jose, CA 951121+1 $995

Included 1 parking space, garbage. New Paint,

new blind Pergo fl oor

550 S 4th St

San Jose, CA 95112Studio $1,095

The unit has newer carpets, fresh paint, and newer window

coverings. The kitchen has white cabinets with new granite

counters, vinyl fl ooring, a refrigerator, and a gas stove. The

bathroom has a vanity with sink, newer vinyl fl ooring, and a stall

shower. Water and garbage is included with the rent

255 N 3rd St

San Jose, CA 951121+1 500 $1,195 $2.39

Upgraded with fresh new paint, new six panel doors, closet

doors, molding etc. The bathroom has a vanity/sink combo, tile

fl oor, and tiled shower/tub combo. Upgraded kitchen.

311 East Reed St

San Jose, CA 951121+1 610 $1,300 $2.13 personal garage unit, laundry, gated entry

1050 S. 12th St

San Jose, CA 951122+1 840 $1,350 $1.61 N/A

641 South 11th St

San Jose, CA 951122+1 800 $1,450 $1.81 N/A

440 S 10th St

San Jose, CA 951123+1 $1,800

"upgraded: kitchen, carpets, and paint. The property also boasts

an enclosed back porch and parking"

945 Thackeray Ln

San Jose, CA 95116studio 500 $750 $1.50 N/A

221 Pamela Ave

San Jose, CA 951162+1 $1,350 Water and garbage included

Rent Survey


VINAY BHATIA



1055 Vermont St

San Jose, CA 95126studio 400 $1,075 $2.69

Walk In closet. Full Kitchen and Bathroom with Tub and Shower.

Covered parking

1376 Sierra Ave

San Jose, CA 951261+1 550 $1,195 $2.17

The unit has a very spacious living area and the kitchen has

plenty of working space and cabinets. Refrigerator and stove

included, plus there is coin-operated laundry on site.

1215 Pedro St

San Jose, CA 951261+1 $1,350

dishwashers, ceiling fans, and extra closet space. We also offer

on-site laundry, parking and a pool

1221 Francisco Ave

San Jose, CA 951262+1 $1,395

kitchen has all appliances; refrigerator, electric stove/oven, and

garbage disposal. There is also a dining area with ceiling fan in

the kitchen.

950 Meridian Ave

San Jose, CA 951261+1 700 $1,395 $1.99

Air conditioning and clean, comfortable electric heat * All

electric kitchens with dishwashers * Large patios and decks

1182 Leigh Ave

San Jose, CA 951262+1 900 $1,595 $1.77

Garbage disposal. Laminate fl ooring through the apartment.

Ceramic titles in the kitchen and bathroom. A big walking closet

in one of the room. Each tenant is assigned to one carport

parking. Coins operated washer/dryer

2080 Marlboro Ct

San Jose, CA 951281+1 530 $1,250 $2.36

Storage space *Refrigerator *Stove/Oven*Garden *Lawn *Air

conditioning*Ceiling fan *Double pane windows *Cable-

ready*Covered parking *Carpet in Bedroom *Ceramic Tile fl oor

992 College Dr

San Jose, CA 951282+1 800 $1,295 $1.62

kitchen eating area, electric cook top, refrigerator, new carpet,

tile fl oor in kitchen and bathroom, wall heater, 1-space carport,

coin operate laundry

3070 Van Sansul Ave

San Jose, CA 951282+1 $1,425

New Carpet throughout.*Newer Vinyl in Kitchen and New in

Bathroom.*Newly Reglazed Kitchen Counter-top.*Accent wall

in Living Room.*New Ceiling fans in every room.*New Blinds

throughout.*On-site Management & Maintenance*Laundry Room

on-site.

Rent Survey


VINAY BHATIA


Rent Survey


3015 Walgrove

San Jose, CA 951282+1 900 $1,500 $1.67

Central AC and Heater. All Tiles fl oor in Kitchen and Bathroom.

Newer Carpet. One car carport and one additional parking

401 Bundy Ave

San Jose, CA 951171+1 $1,075 Water & Garbage Paid. Laundry Room On-Site. Open Parking

3167 Neal Ave

San Jose, CA 951282+1 $1,450

NEWER INTERIOR PAINT. NEWER CARPETING. NEWER

KITCHEN AND BATHROOM FLOORS. DEDICATED ONE SPACE

IN ENCLOSED GARAGE

3779 Blackford Ave

San Jose, CA 951282+2 950 $1,575 $1.66

All Electric Kitchen (No Gas Bill!!!)-Ceiling Fan in Eating Area-

Vertical Blinds-A/C-Dishwasher-Garbage Disposal

3510 Moorpark Ave

San Jose, CA 951282+1 1020 $1,765 $1.73

dishwasher, stove/oven, refrigerator, disposal, ceiling fan, a/c &

heat, private balcony/patio, hardwood fl oors and lots of closet

space.

4850 Hamilton Ave

San Jose, CA 951301+1 650 $1,150 $1.77

Ceiling Fan in kitchen, newer double pane windows, and vertical

blinds. Tile Shower, New main entrance door and second fl oor

walkway. Water and Garbage Included. On-site coin operated

laundry facilities and one parking space provided.

3990 Hamilton Ave

San Jose, CA 951302+1 775 $1,499 $1.93

Fridge, Microwave, Range (No Dishwasher) Water and Garbage

Paid by Complex

4963 Campbell Ave

San Jose, CA 951302+1 750 $1,525 $2.03 New Floors, Fresh Paint


VINAY BHATIA


Activity report

Status Address List Price Age DOM # of Units Sq Ft. Lot Size Sale Price COE Date

Active 3189 CADILLAC DRIVE $2,650,000 54 22 20 12,640 18,144 ***** *****

Active 560 SOUTH 7TH STREET $1,750,000 88 114 10 6,418 16,302 ***** *****

Active 2242 CURTNER AVENUE $1,288,000 48 111 7 4,176 10,010 ***** *****

Active 66 SOUTH 22ND STREET $985,000 50 3 5 4,736 7,800 ***** *****

Active 601 SOUTH 9TH STREET $950,000 87 86 9 3,744 2,857 ***** *****

Active 402 NORTH third STREET $750,000 114 72 5 3,192 6,302 ***** *****

Pending 460 SOUTH 4TH STREET $3,695,000 48 11 23 13,818 9,660 ***** *****

Pending1299 EAST JULIAN

STREET$3,600,000 52 18 28 18,636 21,600 ***** *****

Pending 1195 BRACE AVENUE $2,895,000 46 16 14 15,798 21,200 ***** *****

Pending 1060 OAKMONT DRIVE $2,495,000 49 160 15 13,646 20,305 ***** *****

Pending 110 GRAHAM AVENUE $2,495,000 62 154 16 10,300 13,068 ***** *****

Pending 3014 HUFF AVENUE $1,800,000 51 7 12 7,798 11,400 ***** *****

Pending 3217 CADILLAC DRIVE $1,290,000 54 20 10 6,054 9,072 ***** *****

Pending 692 RICHMOND AVENUE $1,200,000 49 54 8 6,580 10,018 ***** *****

Pending3822 7 TREES

BOULEVARD$1,179,000 34 579 7 5,901 18,000 ***** *****

Pending 40 SOUTH 19TH STREET $1,000,000 56 7 8 4,166 7,800 ***** *****

Pending 190 BOSTON AVENUE $869,950 55 105 5 3,120 5,625 ***** *****

Pending 798 DELAND AVENUE $839,000 52 51 6 3,570 6,534 ***** *****

Pending 2201 LUZ AVENUE $810,000 57 57 7 3,168 11,060 ***** *****


VINAY BHATIA


Activity report


Pending 374 NORTH 5TH STREET $795,000 50 293 6 4,285 6,210 ***** *****

Pending 293 NORTH 3RD STREET $699,900 114 101 8 4,320 4,185 ***** *****

Pending 341 MENKER AVENUE $500,000 71 27 5 1,816 4,791 ***** *****

Sold 2980 HUFF AVENUE $3,671,550 54 30 24 16,768 30,400 $3,671,550 May-12

Sold 255 NORTH 3RD STREET $2,195,000 48 169 16 6,525 7,840 $2,195,000 Jun-12

Sold381 EAST WILLIAM

STREET$2,170,000 51 40 9 13,862 21,710 $2,170,000 Mar-12

Sold 2080 MARLBORO COURT $2,134,519 56 17 16 9,316 18,626 $2,134,519 May-12

Sold 1365 SUNNY COURT $1,852,000 26 27 14 7,260 16,800 $1,852,000 Oct-12

Sold2883 OLD ALMADEN

ROAD$1,705,000 51 169 10 8,987 12,874 $1,705,000 Sep-12

Sold 511 EAST REED STREET $1,690,000 54 29 6 7,116 9,522 $1,690,000 May-12

Sold 751 SOUTH 3RD STREET $1,610,000 52 83 11 7,343 8,625 $1,610,000 Sep-12

Sold 659 SOUTH 9TH STREET $1,600,000 55 37 14 5,561 6,900 $1,600,000 Jun-12

Sold 3206 IMPALA DRIVE $1,600,000 53 -1 12 7,334 13,608 $1,600,000 Jul-12

Sold 2752 KOLLMAR DRIVE $1,535,000 53 8 17 9,735 14,016 $1,535,000 Mar-12

Sold 175 SUTTER STREET $1,516,000 57 23 10 7,038 9,840 $1,516,000 Oct-12

Sold 510 CHIECHI AVENUE $1,510,000 53 24 10 7,564 10,454 $1,510,000 May-12

Sold 5803 EL ZUPARKO DRIVE $1,490,000 42 9 9 8,368 24,828 $1,490,000 Apr-12

Sold 649 SOUTH 9TH STREET $1,300,000 53 3 12 6,364 9,842 $1,300,000 Jun-12

Sold 143 NORTH 8TH STREET $1,200,000 51 225 9 7,167 9,453 $1,200,000 Jul-12


VINAY BHATIA


Activity report


Sold 1738 VIRGINIA AVENUE $1,200,000 51 145 11 7,144 6,534 $1,200,000 Jul-12

Sold 728 RICHMOND AVENUE $1,085,000 49 14 8 6,580 10,018 $1,085,000 Apr-12

Sold 118 RAINIER STREET $1,025,000 86 73 7 5,856 7,935 $1,025,000 Sep-12

Sold 784 VINE STREET $1,000,000 53 14 8 4,581 6,900 $1,000,000 Aug-12

Sold 3240 CADILLAC DRIVE $945,000 54 268 8 4,912 9,072 $945,000 May-12




Sold 68 TOPEKA AVENUE $900,000 56 56 7 3,458 5,625 $900,000 Jul-12

Sold 3061 DAVID AVENUE $899,000 54 211 6 2,910 6,600 $899,000 Mar-12

Sold 55 BOSTON AVENUE $880,000 59 55 6 3,456 5,625 $880,000 May-12

Sold 545 SOUTH 5TH STREET $870,000 49 26 6 4,275 6,348 $870,000 Feb-12

Sold 3183 IMPALA DRIVE $860,000 53 242 6 3,688 6,800 $860,000 Jun-12

Sold 491 LEIGH AVENUE $835,000 56 184 8 3,480 6,098 $835,000 Mar-12

Sold 831 NORTHRUP STREET $825,000 92 179 5 4,710 11,570 $825,000 Mar-12

Sold 450 NORTH 5TH STREET $775,000 55 308 8 4,134 6,900 $775,000 Jan-12

Sold1061 SOUTH ALMADEN

AVENUE$765,000 52 144 6 3,604 5,880 $765,000 Sep-12

Sold 575 AVALANI AVENUE $760,000 47 89 6 5,276 16,117 $760,000 Jul-12

Sold 569 AVALANI AVENUE $760,000 47 88 6 5,192 8,100 $760,000 Jul-12


VINAY BHATIA



Sold159 SOUTH MORRISON

AVENUE$750,000 51 192 5 2,990 5,120 $750,000 Mar-12

Sold 581 AVALANI AVENUE $680,000 47 7 6 5,366 8,100 $680,000 Jan-12

Sold 587 AVALANI AVENUE $680,000 47 7 6 5,366 8,100 $680,000 Jan-12

Sold149 SOUTH SUTTER

STREET$675,000 54 0 5 3,948 6,150 $675,000 Jul-12

Sold451 EAST SAN SALVADOR

STREET$665,000 114 5 5 2,548 5,500 $665,000 Jul-12

Sold 255 NORTH 5TH STREET $645,000 114 31 6 2,112 9,453 $645,000 Jun-12


VINAY BHATIA


Apartment Market Report

It is no secret that the Bay Area’s multi-family market place has seen booming rental demand over the past three years, with vacancy levels falling and rents skyrocketing. This trend has impacted all classes of apartment buildings and all unit mixes. That being said, while the general trend has been the same across the board there have been variances based upon the type of apartment product.

Since reaching a high of 5.6% in 2009, the vacancy rate for the region’s larger complexes has fallen to today’s reading of just 4.5%. But it is critical to note that the rate of occupancy growth has slowed considerable over the past year. In fact, vacancy actually ticked up slightly this quarter. While the region’s development pipeline has increased substantially, this is not the source of this increase—while the number of multi-family units currently under construction in the region is up substantially, third quarter deliveries actually declined compared against last quarter’s completions. The issue is affordability.

The average rent has climbed from $1,583 in 2009 to today’s average of $1,969—an increase of 24%. In San Francisco, rents have climbed 30% over the past three years. San Mateo County has seen rents climb 50% while Santa Clara County saw rents climb by 41%. Clearly this level of rental rate growth would not be sustainable forever and we are starting to see it slow. Our data indicates that annual growth throughout the fi ve-county region has slowed to a still robust rate approaching 10%. But as affordability has become more of an issue for Class A and B product—particularly in the Highway 101 Corridor markets, it has created a ripple effect throughout the region.

Over the past two years, the vacancy for smaller apartment

complexes has fallen from just 4.4% to today’s reading of just 2.5%. The reason why this segment of the market is so tight is that it includes much of the region’s more affordable Class C apartments. So against this backdrop, it should come as no surprise that rents for this property type have jumped from an average of $1,288 in 3Q 2010 to today’s fi ve-county rate of $1,521 per month. On an individual market, this has translated into a whopping rental rate growth rate of 27.4% over the past two years in San Francisco, 23.9% in San Mateo County and 22.5% in Santa Clara County. This is because affordable housing has become increasingly rare in those markets. It has begun a trend that we saw at the peak of the region’s last growth cycle; out-migration to the East Bay.

Our data shows that East Bay vacancies for all apartment complexes (regardless of Class or size) are falling and rental rate growth is rapidly escalating. While the westernmost markets may be approaching a ceiling on rents for Class A and B projects, this trend is still a long way off in the East Bay. While some of this occupancy growth is due to organic population growth, we are beginning to see a trend of in-migration from renters who have been priced out of other Bay Area markets. So far, this trend is mostly about San Francisco losing tenants to Alameda County, but with rents still going up we anticipate that this trend will only accelerate over the next 12 to 18 months. Likewise, we anticipate that increasing rents in Alameda County will also spur a lesser movement of renters inland to Contra Costa County. This trend has had little impact on the North Bay’s apartment market, which tends to be insular and local in its trending. This is mostly due to its weaker public transit connections to the region, though the smaller size and higher rents of those markets also play a role.

Apartment

Market Report

Cassidy Turley’s San Francisco Bay Area

Third Quarter 2012

A Comprehensive Research Report for

Northern California Apartment Investors

Robust Growth Continues, But Affordability Becoming an Issue


VINAY BHATIA



Development Pipeline Remains Strong

A total of 855 new apartment units were delivered to the marketplace during the

third quarter, refl ecting a decrease from last quarter’s total of 911 new units.

But don’t let this decrease fool you. The development pipeline is fi lling rapidly.

Last quarter we were tracking just under 11,000 new multi-family units under

construction throughout the fi ve primary Bay Area counties (these numbers do

not include the North Bay). That metric has increased to over 15,000 units. We

should note that this total does include a number of projects that may not have

an impact on the general marketplace; fi ve of these developments (575 units)

are senior housing, eight are government subsidized housing (about 700 units)

and at least 11 of these projects might go condo instead of rental (nearly 1,300

units). Our tracking indicates over 2,600 new units will be delivered during the

fi nal quarter of this year and should planned delivery dates hold, roughly 7,000

units will come online in 2013 with an additional 6,000+ apartment homes

delivered in 2014.

In terms of recent deliveries, Santa Clara County led the way with two new

projects that added 296 new competitive units to that area’s inventory. San

Francisco followed with a new 173-unit Class A project near the UCSF campus.

The East Bay saw two projects added in Alameda County, boosting that trade

area’s inventory by 173 units. Lastly, one new project was delivered in South

San Francisco, boosting San Mateo County’s inventory levels by 109 units. Santa

Clara County leads all other regions in terms of development, with 30 projects

under construction that will add over 7,700 new apartment homes through 2014.

San Francisco has 33 projects underway with just under 5,400 units slated for

delivery over the next 27 months. The East Bay follows with 13 developments

that will add just over 1,700 new apartments to that area’s inventory over the

next couple of years. We expect all of these markets to see additional projects

entering the development pipeline over the next year, though we anticipate that

the biggest surge will be in the East Bay. Development levels should start to

decline by next year in the South Bay.

Aggressive levels of new development will begin to impact vacancy levels and

rents in Santa Clara County by next year. We anticipate the same within San

Francisco by early 2014, though we don’t anticipate this to occur in the remaining

Bay Area markets anytime soon. Prohibitive land costs and diffi cult development

hurdles in some communities remain an issue in San Mateo County. Meanwhile,

high pricing along the 101 Corridor markets (Santa Clara, San Mateo and San

Francisco Counties) is already pricing many renters out of those markets. Most

are landing in the East Bay. Despite strong development levels there, in-migration

will mean that most of the new projects in the pipeline will be easily absorbed as

they come to market.

San Francisco Bay Area

Multi-Family Development Trends

All Unit Types

Total Units Delivered

Q3-2012

Total Units in Construction

Pipeline

Alameda County 173 1,259

Contra Costa County 0 450

San Francisco County 173 5,394

San Mateo County 109 454

Santa Clara County 400 7,714

Total Region 855 15,271


VINAY BHATIA



Bay Area Overview - Vacancy Trends

We track a total of 1,059 apartment

communities the San Francisco Bay Area,

consisting of more than 196,000 units that

break down as follows; 89 Class A, 79 Class

B and 891 Class C complexes. We further

dissect the market by size, dividing the

marketplace into larger (100 units or more)

and smaller (99 units or less) projects.

The current vacancy rate for larger apartment

complexes stands at just 4.5%, up from the

3.9% mark posted last quarter. We track

a total of 661 larger properties throughout

the fi ve-county San Francisco Bay Area that

account for just under 168,000 total units.

Vacancy for this sector of the market remains

low and in favor of landlords, though it has

ticked up a notch over the past year. While

new development has had a minimal impact,

the real issue has been affordability. Keep in

mind that this sector of the market includes

the lion’s share of the region’s Class A and B

product and these projects have higher rents.

But despite the recent uptick in vacancy,

rental rate growth—though slowing—has

remained at a very strong rate of 9.8% over

the past year.

We track a total of 398 smaller apartment

communities throughout the region, consisting

of approximately 29,000 multi-family units.

They breaks down as; eight Class A, six Class

B and 384 Class C apartment communities.

The vacancy rate for smaller apartment

complexes currently stands at just 2.5%,

the same rate posted last quarter. Demand

remains extremely high for affordable

housing throughout the Bay Area with options

dwindling. That is why this sector of the

market is posting the strongest rental rate

growth right now and will continue to do so in

the near future. Vacancy has remained below

the 3.0% mark for the Bay Area’s smaller

apartment complexes for most of the past year

and hasn’t crept above a reading of 4.0% for

nearly two years. In terms of local vacancy for

this product type, Alameda County boasts the

lowest current vacancy with just 2.0%, but

vacancy is extremely tight throughout all of

the Bay Area’s trade areas.

99 Units or Less Index 100 Units or More Index

County Vacancy Market Rent Vacancy Market Rent

Alameda

Q3-2012 2.0% $1,324 3.0% $1,705

Q2-2012 2.1% $1,286 3.4% $1,643

Contra Costa

Q3-2012 3.8% $1,253 4.8% $1,458

Q2-2012 4.2% $1,239 4.5% $1,412

San Francisco

Q3-2012 2.5% $2,762 4.4% $2,754

Q2-2012 3.6% $2,670 4.6% $2,723

San Mateo

Q3-2012 2.2% $1,728 4.5% $2,220

Q2-2012 1.9% $1,662 4.7% $2,173

Santa Clara

Q3-2012 2.6% $1,645 5.0% $2,031

Q2-2012 2.2% $1,604 3.4% $2,016

Bay Area

Q3-2012 2.5% $1,521 4.5% $1,969

Q2-2012 2.5% $1,481 3.9% $1,934

Bay Area Q3-2011 Q4-2011 Q1-2012 Q2-2012 Q3-2012

Sales Volume $528.1M $1,079.3M $579.3M $831.2M $694.1M

Total Units 3,075 8,496 3,100 4,455 4,018

Price/Unit $164,789 $117,983 $190,028 $188,693 $169,707

Price/SF $218.38 $128.28 $236.27 $239.33 $216.83

Cap Rate 5.90% 5.18% 5.58% 5.80% 5.73%

GRM 10.90 11.80 10.04 10.39 10.89

Q3-2012 Sales by Property Size Segment

(# of units)

Sales Volume vs. Capitalization Rate

Regional Rental Market Summary

71.2%

13.7%%

6.9%2.9% 5.3%

5-15 16-29 30-49 50-99 100+


VINAY BHATIA



Sales Activity vs. Capitalization Rate

SF/ Peninsula Q3-2011 Q4-2011 Q1-2012 Q2-2012 Q3-2012

Sales Volume $263.2M $430.7M $221.1M $262.2M $229.9M

Total Units 1,478 4,605 1,120 1,204 1,407

Price/Unit $172,655 $82,632 $203,190 $217,863 $155,849

Price/SF $253.03 $86.42 $242.31 $313.78 $227.19

Cap Rate 5.88% 5.59% 5.37% 5.85% 5.10%

GRM 10.98 12.19 11.80 10.27 12.67

In terms of actual rents, the San Francisco market leads all others

with a current average rate of $2,754 monthly. Rents in San

Francisco have climbed 7.2% over the last twelve months and have

increased by about one third in the past three years. The current

average rent in San Mateo County is $2,031 per month, refl ecting

a 10.3% bump since Q3 2011 and an increase of 27.7% over the

past two years. The current average rent in Santa Clara County is

$2,031 per month, up 10.3% year over year and 25.0% in the past

two years. The current average rent in Alameda County is $1,705

per month. This metric has increased 9.8% over the past year

and 20.1% over the past two years. Contra Costa County has the

region’s lowest current average rent at $1,458 monthly. Rents here

grew by 6.2% last year and 14.0% over the past two years.

Going forward, look for the rental rate growth to remain in place

for all of the region’s markets, but the rate will be slowing for the

region’s larger complexes in San Francisco, San Mateo and Santa

Clara Counties due to affordability issue and the increasing impact

of new construction. Still, we expect above average growth rates of

at least 5.0% or more in these markets through 2013. By 2014,

however, we may begin to see a fl attening of rates. Rental rate

growth for those markets smaller complexes will remain at higher

levels simply because this is where most of the more affordable

housing options remain. East Bay rental rate growth, however,

should not only remain strong but escalate in the coming year.

That being said, a resurgent housing market is going to become

more of a factor impacting rents over the next 24 months as well.

This is to be expected however, the last few years of overall rental

rate growth in the 10.0% annual range wasn’t going to last forever.

Still, the local marketplace is looking at a soft landing back to more

sustainable levels of growth over the next two years.

San Francisco Bay Area

Rental Rate Growth Trends

All Unit Types

Current Ave. Rent

(Larger Complexes)

% Growth Over

Past 12 Months

% Growth Over

Past 24 Months

Alameda County $1,705 9.8% 20.1%

Contra Costa County $1,458 6.2% 14.0%

San Francisco County $2,754 7.2% 24.7%

San Mateo County $2,220 14.8% 27.7%

Santa Clara County $2,031 10.3% 25.0%

Total Region $1,969 9.8% 22.5%

Rental Rate Growth Slows From Frenzied to

Robust

The current average apartment rent for larger complexes in the fi ve-

county Bay Area is $1,969 per month. This fi gure is up by 9.8%

over the past 12 months and has increased by 22.5% over the past

two years. Despite the fact that a 9.8% rate of growth is extremely

robust, this metric has slowed in recent months. Affordability is

part of the problem. Larger complex vacancy has actually increased

from 3.9% to 4.5% over the past year. But while this sector of

the market has seen occupancy fall slightly, the region’s smaller

complexes (99 units or less) have seen vacancy fall from an

already extremely low rate of 2.8% last year to just 2.5%. Keep

in mind that this sector of the market is overwhelmingly comprised

of Class C product with lower rents and the trend is clear. After

three consecutive years of sharp rental rate growth, affordability is

becoming a real factor. Not only are we seeing many renters being

priced out of Class A and B projects, we are starting to see a trend

of migration from the Bay Area’s more expensive markets along the

101 Highway Corridor (San Francisco, San Mateo and Santa Clara

Counties) to the less expensive East Bay (Alameda and Contra Costa

Counties) marketplaces.


VINAY BHATIA



Bay Area Investment Trends

Deal activity throughout the Bay Area increased slightly

during the third quarter. We tracked 183 deals that closed

over the past three months, compared to 168 transactions

during the second quarter. But despite this, overall deal

volume actually fell. Just over $694 million in multi-family

product traded this quarter, compared to over $831 million in

deals booked last quarter. The difference was in the type of

product that moved. The Bay Area recorded over $2.1 billion

in transactions over the fi rst nine months of 2012. While

this marks a substantial improvement over the sales levels

recorded at the height of the recession, it does not appear that

the market will manage to match last year’s performance. The

region closed over $3.1 billion in deals last year, but sales

activity continues to be hampered by a shortage of available

quality product. This trend has particularly impacted Class

A and B projects, with much of the ongoing sales activity

focused on the region’s Class C inventory.

Investor demand remains high across the board, but

institutional-grade projects remain at the top of most wish

lists. This won’t change anytime soon. Though our forecast

is for rental rate growth to slow in some markets and for

some product types, it will still far exceed national averages.

Because rental rate growth will remain in place through (at

least) the next couple of years, many landlords are reluctant to

sell. Others aren’t bringing their projects to the marketplace

because of the limited options to trade into. Because of

this, we have actually seen an emerging trend among multi-

family landlords selling their projects and trading into other

property types that are less management intensive like

single-tenant net leased investments. Until more apartments

become available, we will see this trend intensify. However,

while we still believe that the market is another 12 to 24

months off from peak rents (depending upon the product type

and location); we anticipate that more product will become

available as a greater sense of an impending peak takes hold

in the marketplace. Our anticipation is that there may be

more options for buyers in the marketplace by mid-2013.

The regional price per unit fell from last quarter’s reading of

$189,000 to the current average of $170,000. We continue

to see top Class A and B projects throughout the region

selling at pricing above the $300,000 per unit mark—with

a few projects moving at $400,000 per unit or more. But

with deal activity overwhelmingly focused on older, Class C

projects, overall averages have been skewed downward.

Despite this trend, cap rates remained steady and low. The

average for deals transacted this quarter was 5.7%, down

slightly from last quarter’s posting of 5.8%. Typically, we are

now seeing Class A product trading with caps of 5.0% or less,

while most Class B and properties are selling with caps below

the 6.5% mark. San Francisco led all other trade areas this

quarter with an average cap rate of just 4.9%. Santa Clara

County followed with 5.2%, while San Mateo County recorded

an average of 5.3%. Caps remain slightly elevated in the East

Bay; the average rate posted in Alameda County was 6.2%,

while Contra Costa County logged an average of 7.0% this

quarter. Though we anticipate further pricing gains, cap rate

compression is not likely outside of the East Bay markets.

The fact is that with some top projects in the Highway 101

Corridor markets already trading with capitalization rates in

the 4% range, they simply cannot go lower.

Bay Area Sales Volume vs. CAP RateBay Area Sales Volume vs. CAP Rate

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

0

2000

4000

6000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Mill

ions

Sales Volume CAP Rate


VINAY BHATIA



San Clara County Multi-Family

Investment Trends

Sales activity fell slightly during the third

quarter of this year. We tracked 44 deals

that closed for a total deal volume of just

over $238 million. Last quarter 49 deals

closed, refl ecting total transactional volume

of $304 million. But while this metric

decreased in Q3, year-to-date sales volume

in excess of $836 million has already

surpassed the annual sales levels that had

been posted over the past three years.

Still, the marketplace remains challenged

by a lack of institutional-grade product for

sale. This quarter’s 44 sales break down

as 31 deals (70%) including complexes of

15 units or less (most of which is Class C

product). Meanwhile, there were only fi ve

trades of projects with 50 units or more

(most of which are Class A or B properties).

Demand remains high for all apartment

classes, but Class A and B projects remain

at the top of most investor wish lists. With

rental rate growth expected to remain in

place through at least the next year, many

landlords are reluctant to sell. Meanwhile,

the lack of available properties to trade into

is a daunting issue for would-be sellers.

That being said, we are increasingly seeing

private investors selling their multifamily

projects and trading into other property

types that are less management intensive

like single-tenant net leased investments.

The average price per unit of the multifamily

projects that changed hands during this

quarter was just over $218,000. But while

this refl ects a sharp decrease from the

$270,000 reading posted last quarter, it

is more refl ective of what actually traded

than it is of any decline in pricing. Class

A and B projects continue to see sharp

increases in pricing. This quarter we saw

four projects selling with a per unit price

of $350,000 or more and 17 deals that

crossed the $200,000 per unit threshold.

Not surprisingly, the highest cap rate on

these deals was one project that moved

at a 6.5% rate. Eight of these complexes

traded with cap rates in the 4.0% range,

with the remainder in the fi ves. But the

top quality projects are not the only ones

trading hands with low capitalization rates.

The metro average in Q3 was just 5.2%, the

same rate posted last quarter.

Apartment Market Report Santa Clara County

Third Quarter 2012

Santa Clara Q3-2011 Q4-2011 Q1-2012 Q2-2012 Q3-2012

Sales Volume $80.5M $418.1M $294.3 $303.9M $238.2M

Total Units 605 2,005 1,204 1,127 1,091

Price/Unit $133,107 $208,505 $244,469 $269,730 $218,290

Price/SF $173.31 $228.66 $270.80 $300.89 $248.68

CAP Rate 5.63% 4.41% 4.84% 5.17% 5.15%

GRM 11.38 11.35 10.43 11.22 10.81


VINAY BHATIA



Larger Complexes—100 Units or More

As of the close of the third quarter, the vacancy rate for larger multifamily complexes

throughout Santa Clara County was 5.0%, refl ecting a sharp increase over the 3.4% rate

posted last quarter. New construction was a minor factor behind this, but with only two

major projects (and less than 300 new units) added to the local inventory it was not the

primary cause. Instead, with occupancy at the region’s smaller complexes now above

97%, we think this is more a refl ection on local affordability than anything else.

The average monthly rent for all unit mixes in Santa Clara’s larger complexes now stands at

$2,031 per month. This number has increased by a robust 10.3% over the past year and

a whopping 25.0% over the past two years. The issue of affordability has already begun

to show itself as a trend of renters being priced out of the Bay Area’s westernmost markets

(particularly San Francisco and Santa Clara County) and heading towards cheaper rents

in the East Bay (where the current average now stands at just $1,604 per month). This

is, of course, if they cannot fi nd cheaper rents in the region’s older, smaller complexes

fi rst—which account for the lion’s share of local Class C properties. That is not to say that

local rental rate growth is over. But it will slow in the coming year, especially as we begin

to see more of an impact from the region’s rapidly swelling development pipeline. Lastly,

a resurgent housing market will also increasingly compete with the Bay Area’s multifamily

projects over the next 24 months. As it becomes clearer to the general public that the SFR

market has turned, many would-be buyers who have remained in rental units as they wait

for the housing market to hit bottom, will be purchasing homes. As a result, we anticipate

that rental rate growth will slow to between 5.0% and 7.0% over the next year—still well

above national averages. By 2014, however, rents may begin to fl atten.

Smaller Complexes—99 Units or Less

The current vacancy rate for smaller multifamily complexes throughout Santa Clara

County is now just 2.6%. While this is up slightly from the 2.2% rate posted last quarter,

it is critical that we point out that last quarter’s reading was the lowest we have ever

reported for this segment of the Santa Clara market. This rate refl ects a level so tight

as to discourage growth. That being said, with rents having increased by 25% over the

last two years in the region’s larger (predominately Class A and B) properties, demand

for more affordable units has only gone through the roof. This isn’t changing anytime

soon. In fact, while we see a full development pipeline, a resurgent housing market

and the issue of affordability slowing rental rate growth for that sector of the market, all

of these trends will only play out as extremely tight vacancy and even stronger rental

rate growth for Santa Clara’s smaller complexes (primarily Class C buildings).

Q3-2012 Top Deals

100 Units or More Index Average Rental Rate

Santa Clara Vacancy Average Studio 1+1 2+1 2+2 3+2

Q3-2012 5.0% $2,031 $1,414 $1,823 $1,962 $2,299 $2,736

Q2-2012 3.4% $2,016 $1,338 $1,805 $1,921 $2,308 $2,728

Q1-2012 3.7% $1,908 $1,282 $1,712 $1,816 $2,176 $2,570

Q4-2011 4.2% $1,829 $1,251 $1,643 $1,753 $2,075 $2,465

Q3-2011 4.1% $1,842 $1,247 $1,634 $1,763 $2,108 $2,524

Q2-2011 3.3% $1,813 $1,215 $1,610 $1,727 $2,095 $2,447

Q1-2011 3.5% $1,695 $1,133 $1,511 $1,642 $1,938 $2,321

Q4-2010 4.3% $1,629 $1,118 $1,445 $1,545 $1,867 $2,262

Q3-2010 4.1% $1,625 $1,098 $1,440 $1,551 $1,866 $2,234

Rental Market Data - Apartment Complexes 100 Units or More

Kimberly Woods

San Jose, CA

208 Units

$58,650,000

Waterstone Santa Clara

Santa Clara, CA

156 Units

$38,250,000

Highland Garden

Mountain View, CA

127 Units

$29,800,000

Park Square Apartments

Mountain View, CA

58 Units

$12,455,000


VINAY BHATIA



The current average rent for all unit mixes in the region’s smaller projects is $1,645 per

month. This metric has increased by 11.8% over the past year and has jumped 22.5%

over the past 24 months. The average rent for studio apartments currently stands at

$1,226, up 16% YoY. One bedroom/one bath units are currently commanding $1,510

monthly, refl ecting an increase of 11.4% since Q3 2011. Two bedroom/one bath units

currently average rents of $1,716 per month, a 12.0% bump over the past 12 months.

Meanwhile, two bedroom/two bath units are currently commanding an average rent of

$2,062 per month, up 10.7% annually. Lastly, three bedroom/two bath units are now

averaging $2,311 monthly, up 8.1% over the past year.

Development Trends

This quarter saw two new projects come online in the Santa Clara County market.

De Anza Properties delivered their 246-unit Fruitdale Station Phase II project to the

San Jose Central marketplace. Meanwhile, a new 46-unit complex was completed

in San Jose’s IBP East submarket at 2388 Madden Avenue. While this accounts for

just 292 units being delivered to market (compared to 492 units coming online in Q2

2012), make no mistake about it, the Santa Clara County market is in the midst of an

apartment building boom.

We are now tracking 30 total projects under way that could add as many as 7,714

new multifamily units to the local inventory over the next couple of years. The Irvine

Company’s Crescent Village project could single handedly add over a thousand new

apartment homes in phases over the next couple of years. That being said, about 1,000

of these units will either be in the form of new subsidized housing or senior housing

projects that will not have as much of an impact on the general marketplace. Likewise,

we are tracking a few projects that may even end up landing as condominiums, but

this trade area leads all others in the Bay Area in terms of multifamily development.

Though rental demand remains high, these levels of development will have an impact

upon local vacancy and rental rate growth fundamentals by late 2013.

The largest single complex currently under construction in the region is Fairfi eld

Residential Properties’ 670-unit Verdant Apartments project in the Oak Creek

submarket, which is slated for late 2013 delivery. The next large project scheduled to

drop is Equity Residential’s 444-unit Domain project (also in the Oak Creek submarket).

This complex is scheduled to be complete during the fourth quarter. That being said,

current development (assuming slated delivery dates hold) should result in about 800

new units coming to market over the fi nal three months of 2012. Total deliveries in

2013 could exceed 3,800 units while new construction will add at least another 3,000

units by 2014.

Q3-2012 Recent Deliveries

Rental Market Data - Apartment Complexes 99 Units or Less

99 Units or Less Index Average Rental Rate

Santa Clara Vacancy Average Studio 1+1 2+1 2+2 3+2

Q3-2012 2.6% $1,645 $1,226 $1,510 $1,716 $2,062 $2,311

Q2-2012 2.2% $1,604 $1,188 $1,471 $1,664 $2,027 $2,273

Q1-2012 2.7% $1,531 $1,143 $1,406 $1,574 $1,928 $2,215

Q4-2011 3.2% $1,494 $1,110 $1,370 $1,540 $1,882 $2,163

Q3-2011 2.8% $1,472 $1,057 $1,355 $1,532 $1,863 $2,138

Q2-2011 2.3% $1,432 $1,040 $1,310 $1,498 $1,813 $2,073

Q1-2011 3.4% $1,369 $991 $1,246 $1,433 $1,744 $1,972

Q4-2010 4.5% $1,339 $976 $1,211 $1,400 $1,714 $1,938

Q3-2010 4.8% $1,343 $972 $1,217 $1,396 $1,734 $1,923

Fruitdale Station Phase II

San Jose, CA

264 Units

September 2012 Delivery

Verdant Apartments

San Jose, CA

670 Units

December 2013 Delivery

Northpointe

San Jose, CA

514 Units

March 2014 Delivery

2388 Madden Ave Apartments

San Jose, CA

46 Units

Under Construction


VINAY BHATIA


Offi ce Market Snapshot

BAY AREA OFFICE

Vacancy

12.9%

Net Absorption

1,224,631 SF

Deliveries

1,016,006 SF

Asking Rent

$2.80 FSMarket Tracker*Arrows = Current Qtr Trend

Peninsula Taps Brakes; Silicon Valley Still Going Strong

As of the close of the third quarter, office vacancy stood at 12.9%, down from the 13.1%

mark posted just three months ago. More than 1.2 million square feet of space was

absorbed over the past three months, reflecting an overall growth rate of 0.48%. This is the

tenth consecutive quarter of expansion—year-to-date occupancy growth now stands at over

3.7 million square feet of space. Meanwhile, the average asking rent for office space in the

Bay Area currently stands at $2.80 per square foot (on a monthly full service basis). While

this number has increased by roughly 14% since the current growth cycle began (it stood at

$2.49 in first quarter 2010), this is the first quarter since then in which rents have not

increased. This is notable not because we think it is the beginning of a new trend—our

forecast is for asking rents to resume growth—but because it mirrors the pause in activity

that we saw this quarter in what had been some of the region’s strongest producing office

markets.

While occupancy growth of more than 1.2 million square feet cant be considered anything

less than robust (the average quarterly figure between 2003 and 2007 was 977,000 square

feet), the overwhelming majority of it came from just one trade area. The Silicon Valley

office market posted over 1.4 million square feet of growth this quarter as its vacancy rate

fell from 14.2% to 13.3%. It was joined in growth by the region’s East Bay markets. The

East Bay Pleasanton trade area experienced 230,000 square feet of positive net absorption

as its vacancy rate fell from 14.9% to 13.9%. East Bay Oakland gained 208,000 square feet

of occupancy sending its vacancy rate downward from 17.9% to 17.2%. Meanwhile, office

vacancy in the East Bay Walnut Creek area decreased from 15.4% to 14.8% thanks to

92,000 square feet of occupancy growth. The East Bay, which has mostly been sidestepped

by the tech boom at the heart of the region’s explosive office growth, is finally showing true

signs of recovery. Oakland has posted growth three of the past five quarters, while both the

Pleasanton and Walnut Creek markets have seen expansion four of the past five quarters.

But while the South and East Bay were the big winners this quarter, the big surprise was who

lost ground this quarter. For the past two years, growth has been driven by tech users looking

to expand along the Highway 101 Corridor. While the region’s other markets struggled to

keep numbers in the black at all, the Santa Clara, San Mateo and San Francisco markets

absorbed a combined total of more than 13 million square feet of space. Two out of three of

those markets posted occupancy declines this quarter. The San Francisco market recorded

over 361,000 square feet of occupancy losses as its vacancy increased from 9.4% to 9.8%.

San Mateo posted 340,000 square feet of declines as vacancy here climbed from 12.8% to

13.9%. This has begged the question; is the new tech boom going bust?

The answer is no. This slowdown can be attributed to a mix of factors, market timing being

the biggest one, though deal activity did slow in both markets. In San Francisco, half the

space returned to the market came from the back end of earlier user relocations that typically

involved expansion. But at least 170,000 square feet was due to consolidation, mostly from

financial and business services users. In San Mateo County, a number of large subleases

came on the market, but we are aware of at least 240,000 square feet in new deals likely to

close in the first few weeks of fourth quarter 2012 alone. While we are closely watching the

market for more signs of consolidation, we anticipate a return to growth. We are currently

tracking a robust 7.6 million square feet of active user space requirements in the San

Francisco and San Mateo markets. But while we expect a return to growth (both in terms of

overall occupancy and rental rates), it is unclear if it will be at the same breakneck pace as

before.

www.cassidyturley.com

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2008 2009 2010 2011 YTD-12

Square

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(00

0,0

00s)

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2008 2009 2010 2011 2012

Net Absorption

Vacancy

10-Year Average

East BayWalnut Creek

East Bay Pleasanton

East Bay Oakland

Santa Clara Co.

SanMateo Co.

SF

Marin Co.

Economic Indicators

Q3 12 Q3 11

Bay Area Employment 3.463M 3.331M

Bay Area Unemployment* 8.5% 9.3%

U.S. Unemployment 8.2% 9.7%

U.S. CCI 65.6 50.7

*Bay Area includes Alameda, Contra Costa, Marin, Napa,

San Francisco, San Mateo, Santa Clara, Solano, & Sonoma Counties


VINAY BHATIA


Offi ce Market Snapshot

Cassidy Turley Office Market SnapshotBay Area • Third Quarter 2012

INVENTORY SUBLET VACANT DIRECT VACANTVACANCY

RATE

CURRENT NET

ABSORPTION

YTD NET

ABSORPTION

UNDER

CONSTRUC-

TION

AVERAGE

ASKING RENT (ALL Classes)

AVERAGE

ASKING RENT (CLASS A)

Submarket

Marin County 9,841,338 412,542 1,109,571 15.47% (14,231) (180,610) 0 $2.52 $2.52

San Francisco County 83,588,988 1,200,603 6,996,333 9.81% (361,255) 1,437,154 0 $3.62 $3.82

San Mateo County 31,154,384 754,687 3,563,943 13.86% (339,936) (240,300) 0 $3.33 $3.61

East Bay Oakland 29,547,216 313,492 4,776,292 17.23% 207,632 36,671 0 $2.16 $2.40

East Bay Walnut Creek 16,778,154 169,130 2,317,811 14.82% 92,024 194,854 0 $2.07 $2.26

East Bay Pleasanton 21,897,643 240,834 2,794,155 13.86% 230,360 715,975 0 $1.83 $2.01

Santa Clara County 60,479,728 677,817 7,360,416 13.29% 1,410,037 1,759,555 0 $2.74 $3.28

Office Class Breakdown

Class A 144,189,788 2,878,422 16,449,366 13.40% 926,625 926,625 0 $3.10

Class B 78,430,391 713,989 9,102,670 12.52% 285,383 285,383 0 $2.39

TOTAL 253,287,451 3,769,105 28,918,521 12.91% 1,224,631 3,723,299 0 $2.80 $3.10

*Office asking rates converted to Full Service

Key Lease Transactions Q3 12

PROPERTY SF TENANT TRANSACTION TYPE CITY

Moffett Towers 581,973 Lab 126 Relocation/Expansion Sunnyvale

555 Mathilda Ave 557,143 LinkedIn Relocation/Expansion Sunnyvale

625 Clyde Ave 385,000 Samsung Info Systems Relocation/Expansion Mountain View

4301-4401 Great America Pkwy 299,784 Palo Alto Networks Relocation/Expansion Santa Clara

1301-1355 Market St 164,051 Twitter Relocation/Expansion San Francisco

Santa Clara Gateway 149,051 Arista Corp. Relocation/Expansion Santa Clara

Bishop Ranch 1 80,000 PG&E Relocation San Ramon

655 Montgomery St 58,000 Hotwire Renewal San Francisco

808 Brannan St 55,006 New Relic Relocation/Expansion San Francisco

Office SubmarketsBay Area

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