According to Jerry Suyderhoud, Senior Vice President of Cornish & Carey Commercial Newmark Knight Frank, the Marin and North Bay market has been flat for the last 21 months. There has been strength in the recent Marin jobs report and in home sales, but this has not translated into stronger leasing activity in the office market. This year’s Silicon Valley and South of Market economic activity has not yet spilled over to markets such as ours. Hopefully, it will in 2013.
There has been some strengthening of retail rents, as spaces that were vacant for a long time seem to be getting leased all over the North Bay. Smaller Marin warehouse rentals are active for units under 2500 SF. Larger warehouse spaces, over 8000 SF, are relatively plentiful and going slowly.
In the sales arena, attractive SBA financing has helped firm prices with user buyers. But the number of sales have been relatively small. A few investment sales of well-priced properties have taken place. Cash flow is strong when interest rates are so low.
To view the comprehensive Cornish & Carey Q3 2012 report, click here CC NORTHBAY Office Q3 2012.