Expect a Record Year
JLL just released its Q2 numbers, and the firm's Chris Roeder tells us S.F. has seen rents pop between 3% and 5% in the last 30 days. Given the lack of supply and increased demand over the last year, he thought that wouldn't occur until the fall. (Q2 average asking rents were $60.09.) There are only four blocks of space over 100k SF available between now and 2015 (some 15 tenants are on the prowl for that much or more). One or two monster leases are expected to be announced in the next month, he says. Among those looking: JP Morgan for 220k to 640k SF and Lending Club for 300k to 400k SF. First Republic needs up to 150k SF. (And bars catering to World Cup fans at this very moment could probably use some more space as well.) JLL predicts this'll be one of the largest net absorption years in the city ever.