After taking a closer look at the rents it was asking for a planned downtown Redwood City office building (scheduled to break ground in May), Dostart Development opted to increase asking rents by 15%.
Dostart Development has approval to build the eight-story, 133k SF office building at 601 Marshall St. It will likely be the next project to break ground in downtown Redwood City, according to the Silicon Valley Business Journal. (The crane in the background is building the adjacent Indigo Apartment Homes.) In working to get the right mix, the developer has been turning some prospective tenants away and is now asking $78 per SF plus expenses.
Redwood City has been growing in popularity as companies look to grow outside of San Francisco and Silicon Valley. Box moved into Kilroy Realty's building there last year as its new HQ. Demand for downtown Redwood City has pushed asking rent to twice those of the surrounding submarkets. [SVBJ]
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