Tuesday, September 23, 2014

September 2014 Downtown Dimension Highlights

Here are my notes from the latest edition of Downtown Dimension:
  • Downtown office vacancy has dropped to 18.8%, versus a high of almost 29% during the Great Recession. Some of the recent big leases include:
    • Xactly in Riverpark II
    • Intacct in Riverpark II
    • ThreatMetrix's expansion to multiple floors at 160 W. Santa Clara
    • Regus on Almaden Boulevard
    • Electric Cloud in the Metropole building on Market
  • Boston Properties is looking for a major tenant for its approved plans to build an 840,000 SQFT office complex Downtown.
  • 46 sets of colorful banners celebrating Downtown's diversity are now on light poles along First and Second Streets.
  • Silvery Towers were sold to Full Powers Properties, which intend to move full-speed ahead and break ground Spring 2015 with completion in 2017. The towers will have a total of 643 units and 20,000 SQFT of retail adjacent to the historic Fallon House and San Pedro Square Market expansion. Originally these were planned to be apartments, but they now may be built as condominiums.
  • The San Pedro Square Market is planning to expand on a 13,045 SQFT lot across the street, next to the Fallon House. The new project is expected to be at least two stories.
  • Symphony Development has already started construction of its student housing project at 27 N. 6th.
  • Techmanity is bringing together technology and music on Oct 1st and 2nd at the Convention Center and various Downtown venues.
  • LitBit is nabbing the last 8,000 SQFT at the Metropole building at 35 S. Market.
  • Silicon Valley Bicycle Coalition has moved Downtown to an office at 96 N. Third.
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