Pendulum swings to the Renters

An article in today's SF Examiner by Katie Worth focuses on the deals commercial and residential renters are getting from their landlords.  It appears to be a renters' market.

Commercial renters are also paying less than they did one year ago, with office-space prices dropping more than 30 percent per square foot, according to an analysis by Grubb & Ellis Research of San Francisco.

Burlingame

Asking rent Class A office space, 2009      $2.75 per sf

Asking rent Class A office space, 2008      $4.00 per sf

Vacancy rate, 2009       20.1%

Vacancy rate, 2008       15.6%

Apartment rentals are declining as well--though occupancy has remained high, according to data collected by Novato firm RealFacts.

The Burlingame commercial rents are a bit below the county average and the vacancy rate is about 3% higher.  Anyone know what the going rates on Broadway and Burlingame Ave. are doing?

Comments

[Joe]

I just discovered an informative site that a realtor friend maintains. It allows you to type in a zip code or a city name and see all of the Multiple Listing Service properties that are for sale.

As I walk and bike around town I feel like there are a lot of properties for sale and lease, but this site actually lists them. I'm not endorsing my friend or his agency; just highlighting what a useful site it is:

http://sites.apr.com/erik/

At the moment there are 97 single-family residences available for sale in Burlingame, so my sense from walking around seems to be confirmed. In the past people wanted to move during the summer so their kids' school years wouldn't be disrupted. We'll see how the rest of the summer and fall go in Burlingame.