Posted by Will in CA on June 04, 2004 at 14:20:54:
Bob, thanks for your comments.
For anyone interested, here’s an article in today’s San Jose Mercury about the state of affairs from the assessor’s office. The assessor says that the turn-around can’t be expected for another five years! Ouch. 63 million sf is vacant.
http://www.mercurynews.com/mld/mercurynews/business/8836236.htm
I think that this may be something to look at in a few years. Just seems very risky without a tenant right now.
Office Buildings in Palo Alto – Good Timing?? - Posted by Will in CA
Posted by Will in CA on May 13, 2004 at 12:37:14:
Howdy -
I work in Palo Alto. It seems that the vacancy rate is sky high. Empty parking lots everywhere. For the past few years I have thought that it is best to stay away from the commercial RE in this area.
But at some point, it would probably make sense to get in.
Does anyone else have some thoughts on this? I am just starting to learn the numbers but could use any general advice that you guys may have.
Ideally I would be able to find a potential tenant and then buy a building for that tenant. I guess that sounds naive maybe because that would be everyone’s ideal situation I suppose.
It’s a general thought - but any comments would be appreciated.
Will in CA
Re: Office Buildings in Palo Alto - Posted by Bob
Posted by Bob on May 27, 2004 at 03:00:58:
>Empty parking lots everywhere
That’s a first. I don’t remember a time when PA wasn’t always jam packed, especially downtown. I’ve worked in PA, and I know it’s a nice area to work in. The problem with PA is that it’s expensive real estate, and PA has historically had an anti-business city government. I would expect less expensive and bureaucratic areas to lease up first. If you find a great deal don’t bother looking for a tenant first (though you should know what tenants are willing to pay). PA is still desirable and if you get a great deal you should be able to make it work for a tenant.
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Re: Office Buildings in Palo Alto - Posted by Will in CA
Posted by Will in CA on June 01, 2004 at 12:45:56:
Bob, thanks for your thoughts.
I think that this time around it’s different in Palo Alto. During the Dot-Com, Palo Alto was so very hot and everything was crazy. It seems that the bust has been just as big, as far as commercial is concerned. I am just learning the numbers, but it seems that the prices got up to $6/sf (sometimes higher), now they are more like $1.50/sf for class A office space.
That, combined with the general trend of people moving out, new workers refusing to move here because of still sky-high housing costs and now – OUTSOURCING to India/China – I think that there still may be a few more years of pain for the office sector. But that is just a gut feel from a novice.
I have been told that it would be crazy to buy something in this environment without either a tenant in the pocket or some very deep pockets.
Will in CA, sniffing around PA office parks.
Re: Office Buildings in Palo Alto - Posted by Bob
Posted by Bob on June 01, 2004 at 17:23:47:
>I have been told that it would be crazy to buy something in this environment without either a tenant in the pocket
>or some very deep pockets.
I’m sure that you can find a tenant easily if the price is right. That’s why I suggested that if you have a great deal, buy it: a great deal will be snapped up by somebody else if you don’t take it, and a great deal should give you leeway on rents.
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