Wednesday, April 08, 2009

CRE: Rents Fall 24% in San Francisco, Landmark Foreclosure in Atlanta

by Calculated Risk on 4/08/2009 02:48:00 PM

From Bloomberg: San Francisco Office Rents Fall Most Since 2001 (ht Dwight)

San Francisco office rents dropped 24 percent in the first quarter from a year earlier ... The average rent fell citywide to $38.80 a square foot from $50.92 for the highest-quality, best-located space, known as Class A space, according to a preliminary report by commercial brokerage Colliers International. The office vacancy rate rose to 13.2 percent from 12.6 percent in the previous quarter and up from 10.2 percent a year earlier.
And from the Atlanta Journal-Constitution: Landmark Equitable building in foreclosure (ht jp, Bradford)
Downtown Atlanta’s Equitable building, an iconic 30-plus story office tower that once dominated the city’s skyline, has fallen into foreclosure.

A foreclosure notice said the 40-year-old skyscraper is scheduled to be auctioned on the Fulton County courthouse steps on May 5.