The Marin County Office Market is Poised (and prepared) for a Spike in Demand
I’ve always loved San Francisco. I have been representing office tenants in this beautiful city for the past (almost) 13 years now. After spending my childhood visiting my dad at Bechtel downtown, college years playing basketball at Kezar during SF Pro-Am, and adult life commuting across the most beautiful bridge in the world twice a day, the native nature is in my blood. I began a role with the Board of Directors of the Raphael House, which is the oldest and largest family homeless shelter in San Francisco more than three years ago, and have been transformed. So much has changed as well in recent time.
At the moment, after an excruciating pause, we are entering a new era. The workplace is being re-invented, the entire physical location of the workplace is being re-imagined. Our decade-long urbanization march (and the month of March, April and May) have been snuffed out, and we are finally pushing towards finding a way to re-open, to trust. For some that means a continuation of the commute. For some that means working from home (or more aptly work from the garage, next to the washing machine, next to the bike racks, below the 12-year-old learning to play ACDC)….need I say more….
Many of us are in the process of choosing to continue commuting to an office, but we also have the superhuman (!) power to choose WHERE that office exists. BART, traffic, MUNI, ferries, valets, expensive parking garages, dangerous streets, expensive lunches, expensive rents, (formerly) packed elevators…plus two hours of freedom taken back by a commute renewed will drive some companies to grow into the suburbs. This might be for the entire company, or this might be for a percentage of the workforce. The people I see getting on the boats or getting on the busses or driving across the bridge are highly educated. They are decision makers. They have a “say” at their company. Many of them are saying they are ready to be closer to home, even if they are in a professional work environment in a professional office building. It certainly is a new day in corporate America.
And Marin is prepared for the spike in demand, for the move to the suburban workplace. Here is a list of available office spaces in Marin County (Q2 2020):
· Over 50,000 Square Foot Spaces: 4
· 25,000–50,000 Square Foot Spaces: 8
· 10,000–25,000 Square Foot Spaces: 22
· 5,000–10,000 Square Foot Spaces: 49
· 2,000–5,000 Square Foot Spaces: 169
Do you know what most of these spaces have in common with each other? Accessible stairs, empty elevators, Class “A” amenities, free & abundant parking, Class “A” ownership groups, fresh clean air, stunning views, no traffic, safe streets, bikeable commutes, and low-cost rents!
Here is a quick pricing and vacancy breakdown for your review, keep in mind these prices are listed on a per foot per month basis (whereas San Francisco works on a per foot per year basis):
Many companies in the past have asked the question, “Great, but how can I find the talent in Marin County? I would love to run my business in such a beautiful place!” Well did you know that 67,000 Marin and Sonoma residents commute out of the two counties each day? These are the very people who are rethinking their commute right now. This is according to research published by Marin Sonoma Impact Ventures, which is a group I am forming a relationship with. Please enjoy their blog post entitled “Why North Bay Startups Will Proliferate in the 2020s”.
I was born and raised in Marin County, and I am a Marin County, San Francisco and North Bay office space expert. To that effect, I have represented Merrill Lynch, FICO, Morgan Stanley, MarinHealth, Stapleton School of Ballet, Lateef, Regus, Union Bank and many others in our county. I would welcome the opportunity to help your company find the perfect office space, wherever you want that office space to be.
Thanks for reading my latest and greatest and I look forward to meeting you in person (soon).
Tom Poser/ Four One Five–509–0596/ tom.poser (@) ngkf.com
The Marin County Office Market is Poised (and prepared) for a Spike in Demand was originally published in Tom Poser on Medium, where people are continuing the conversation by highlighting and responding to this story.