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San Francisco
Hudson Pacific’s Drew Gordon
After last week's Bisnow San Francisco Retail Real Estate Summit, we caught up with Hudson Pacific’s Drew Gordon, who runs Northern California operations. He sees more short-term recovery locally, saying “the pace of growth is slowing, but not stopping.” He says the biggest roadblock to lease deals is educating your tenant what market is on deal points and what’s important to the landlord. Drew says landlords communicating clearly to the tenant bridges gaps of expectations.
Grosvenor’s Alan Chamorro, Michael Beattie, and Thomas Ohlson
We also snapped Grosvenor America’s Alan Chamorro, Michael Beattie, and Thomas Ohlson. Alan tells us Grosvenor has a few development deals in the works. The biggest: a 32-acre site in Los Gatos, a mixed-use, multi-generational community with retail, office and a hotel that the town of Los Gatos is entitling. It also has projects in the preliminary stages in Burlingame (after being selected to work with the downtown) and Pleasant Hill (200k SF of retail on an 18-acre site). In San Francisco, Alan says it's ready to kick-off construction on a 39-unit JV condo project.
Cassidy Turley’s Dan Wald
Cassidy Turley’s Dan Wald says retail leasing activity (and rent) gets higher the closer you are to the west side of the Bay. The Sacramento market deteriorated over the past few years, but his partners there report it’s now stabilized. Dan believes that the reason landlords now have the upper hand is because they stopped giving in to unreasonable tenant demands. He says it’s often a better financial proposition to leave space vacant. (Then you can market it as an oxygen bar.)