{"id":1004584409,"date":"2022-06-15T02:39:08","date_gmt":"2022-06-15T10:39:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004584409"},"modified":"2022-12-08T22:38:02","modified_gmt":"2022-12-09T06:38:02","slug":"san-francisco-office-investment-slow-in-april","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-francisco-office-investment-slow-in-april\/","title":{"rendered":"Office Sales Stall in San Francisco"},"content":{"rendered":"

\"\"<\/a>Office sales in the San Francisco-Peninsula market started the year at a sluggish pace, with other metros far exceeding it in performance, CommercialEdge <\/strong>data shows. No deals were recorded in April. Over the first four months of the year, office transactions in San Francisco generated $515 million\u2014a dramatic decrease from last year\u2019s $2.6 billion recorded through the same interval.<\/p>\n

Meanwhile, the Bay Area market\u2014comprising the East and South Bay\u2014was more active, but still slow. In April, four office transactions were recorded, totaling $78.6 million\u201457.9 percent less than the previous month. During the first four months of the year, the Bay Area market had $1.2 billion in sales, 55.9 percent less year-over-year.<\/p>\n

Roughly 209,500 square feet of office space changed hands in April, with the largest property measuring 70,000 square feet. Avenues<\/strong> purchased the asset at 525 Race St. in the North Central San Jose submarket for $33 million from Toeniskoetter Development.<\/strong><\/p>\n

Of the four Bay Area office sales, three properties were situated in South Bay submarkets\u2014Sunnyvale and San Jose. The fourth one, in Vallejo, was a $14 million acquisition by Anchor Health Properties<\/strong><\/a> of a medical facility at 1761 N. Broadway St. The company also bought a property in the Los Angeles market at the same time.<\/p>\n

On average, prices declined in both markets when compared to last year. Over the first four months of the year, office properties in the San Francisco-Peninsula market traded at $776 per square foot, a 40.4 percent decline from the previous year. In the Bay Area, office assets changed hands for $515 per square foot on average, down 22.7 percent year-over-year.<\/p>\n

CommercialEdge<\/a> covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pricing and transaction volume dipped dramatically to start the year, CommercialEdge reports.<\/p>\n","protected":false},"author":1284,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21747,1609,15],"tags":[51047,50674],"class_list":["post-1004584409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-office","category-san-francisco","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nOffice Sales Grind to a Halt in San Francisco<\/title>\n<meta name=\"description\" content=\"Office transactions in both the Bay Area and Peninsula markets slowed down in April, as uncertainty remains over the sector.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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