northern california

San francisco real estate

office report
quarterly report
Includes SOMA Office Report

370 Third Street

JER Partners / Lane Partners Renovation Completed Third Quarter

third QUARTER 2008

San Francisco Office
One Bush Street, Suite 400
San Francisco, CA 94104
Tel: 415.445.8888 | Fax: 415.445.8889

www.ccarey.com

Integrity Knowledge
 San francisco San francisco office
third quarter

Table of contents

Page

Coverage Map 1

San Francisco Market Overview 2

San Francisco Market Summary 3

San Francisco Market Highlights 4

C&C Focus 6

North Financial District Market Summary 8

South Financial District Market Summary 10

North Waterfront / Jackson Square Market Summary 12

Van Ness / Civic Center Market Summary 13

Union Square Market Summary 14

SoMa Office Report 16

Agent Roster 19

Cornish & Carey Commercial San Francisco Quarterly Report is based on a quarterly survey of competitive office buildings. The data included in this
report incorporates not only space presently available on the market, but also space which we have been led to believe will come onto the market
in the foreseeable future.

Information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its
accuracy, but make no guarantee, warranty or representation about it. All information should be verified prior to lease or purchase.
 San francisco San francisco office
third quarter

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Class A Avg. Rents: $42.20 psf

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REAT

FIFTEENTH ST BE
H ST ENTH ST UB
 SAN FRANCISCO
OFFICE UPDATE AND Q3 2008 IN REVIEW
By Dave Karol, Senior Financial Analyst & Sales Associate
This third quarter was one of the most
tumultuous quarters in recent history.
Headline after headline of the crisis in the
financial markets spilled over into all sectors
of the economy. While San Francisco’s
tenancy is more diverse than that of New
York, the fallout of Wall Street is still felt
here. Here is a brief summary of San
Francisco’s exposure to the turmoil in the
market:
Lehman Brothers – Was the first
investment bank to file for bankruptcy since
1990, and based on assets it is the largest
bankruptcy in American history. Relative to
Lehman’s 1.1 Million Square foot
headquarters in New York, their space in
San Francisco is minimal:
• 555 California – 60,766 sq. ft. on floors 30
& 41. The lease expires in September,
2011.
AIG – Received an $85 Billion bailout from
the federal government to prevent
bankruptcy. In return the government
received 100,000 convertible stock shares
that equate to a 79.9% equity stake in the
company. AIG signed a renewal and
expansion of their space in 2007:
• Rincon Center (101 & 121 Spear Street) –
190,152 sq. ft. (42% of the property). The
lease expires in July, 2017. AIG recently
put $10.8M into their space as part of
their renewal. Work to be completed in
March, 2009. When the work is
completed 23,395 sq. ft. of temporary
space will be given back.
• 50 California – 4,443 sq. ft. on the 33rd
floor. Lease expires June, 2009.
• 555 California – 10,271 sq. ft. on the 31st
floor. Lease expires July, 2010.
Washington Mutual (WaMu) – With
over $300 Billion in assets, made headlines as
the biggest bank failure in U.S. history. They
saw a “run on the bank” resulting in
customer withdraws of $16.7 Billion in the
10 days following Lehman’s bankruptcy. The
Seattle-based company was seized by federal
regulators who, in the interest of protecting
depositors’’ savings, sold the company’s
banking assets to JP Morgan Chase for
almost $2 Billion.
• 123 Mission – 105,543 sq. ft. (32% of the
property) on Floors 4-9, 19 & 27. The
lease expires December, 2010 excluding
the 27th floor which expires June, 2012.
• 201 Mission – 62,591 sq. ft. (13% of the
property) on floors 7 & 10-12. The lease
SAN FRANCISCO OFFICE
THIRD QUARTER
expires November, 2010. The space Leasing
houses WaMu Card Services. After an upward trend lasting over 4 years,
rental rates are beginning to show signs of
Merrill Lynch – After being battered by slippage. Class “A” asking rates have dropped
the housing crisis and seeing their stock to an average of $44.07, a decline of 6% from
drop 78% in 12 months, Merrill Lynch was last quarter. Some submarkets have been more
able to dodge a complete failure by opting resilient than others. SOMA, which has
for a $50 billion stock buy-out by Bank of historically been favored by creative companies
America. Merrill Lynch leases over 275,000 as opposed to financial services, saw no drop in
sq. ft in the city: average asking rates. For landlords with
• 101 California 184,434 sq. ft. (65,000 premier view and creative spaces, premium
subleased) on floors 9, 11-14, 19-21, 24 & rental rates can still be achieved. Some owners
25. The lease expires October 2012 have already reassessed their pro-forma and
• 600 California – 47,789 sq. ft. on floors 7, backed down from their ambitious
8 & 15 through October, 2014. underwriting. In this market, the only tenants
• 220 Montgomery – 15,410 sq. ft. on the making decisions are those who have expiring
6th floor through January, 2011. leases or are in need of expansion space. For
those who still have some term left and were
First Republic – Having been acquired by
Merrill Lynch in 2007 for $1.8 billion, their considering signing an early renewal, the general
attitude in the market has been to “wait and
future has now been put into question due
to the sale of their parent company. There see”.
are several possibilities: B of A may roll up
some or all of First Republic’s operations,
they might leave the bank untouched, and
it’s reportedly possible that First Republic
may purchase itself back from B of A and
return to independent banking. First
Republic is headquartered in San Francisco:
• 111 Pine – 113,777 sq. ft. (15,107 sq. ft. is
retail space) on floors 1-9.
• 388 Market (1 Pine) – 83,000 sq. ft. on
floors 2-5, 11&12.
Wachovia – Currently Citigroup and
Wells Fargo are competing to purchase all,
or a portion of, the company.
• 4 Embarcadero Center – 63,000 sq. ft.
(21,000 subleased) on floors 7-9. The
lease expires October, 2010.
• 555 California – 30,087 sq. ft. on the 23rd
floor. The lease expires January, 2015.
Heller Ehrman LLP - After failing to find
a Merger and Acquisition partner the 119-
year old firm is in dissolution mode.
• 333 Bush – 251,300 sq. ft. on floors 7-11
& 26-34. The lease expires June, 2018.
Development
In July you could hear the pylons being
pounded into the ground at 535 Mission.
It is the first new office project to break
ground in the financial district since 555
Mission began construction in 2006. The
293,750 square foot building is scheduled
for completion in 2010. The developer,
Beacon Capital Partners, is seeking LEED
certification for Core & Shell.
2
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

OFFICE MARKET SUMMARY

3rd Quarter, 2008

Average Asking Rate 1
Submarket Net Rentable Area * Availability Total Vacancy 3 Total Availability Class A Class B Class C Q3 Net Absorption 2
North Financial District 28,816,470 3,608,916 9.67% 12.52% $45.30 $37.00 $30.00 (290,850)
South Financial District 24,146,886 2,512,679 7.40% 10.41% $44.20 $37.00 $29.00 (165,582)
North Waterfront/Jackson Sq. 6,886,774 645,664 7.07% 9.38% $42.40 $36.50 $29.00 (75,596)
Van Ness/Civic Center 6,769,219 614,377 7.26% 9.08% $37.20 $32.00 $30.00 (35,366)
Union Square 5,887,190 525,054 8.21% 8.92% $39.70 $36.00 $30.00 (32,961)
SoMa** 10,630,651 2,112,764 19.87% 19.87% $39.79 $35.87 $29.67 (261,908)***
San Francisco Office Market 83,137,190 10,019,454 9.80% 12.05% $44.07 $36.00 $29.67 (862,263)***
** SoMa Inventory includes the following markets: South of the Market; Yerba Buena; Multimedia Gulch; Mission Bay; South Beach; Inner Mission & Potrero Hill
*** 390,000 square feet at 370 Third Street were added to SOMA inventory Q3 2008

Historical Trends
Class A Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates 1
2004/Q3 43,979,849 5,565,317 1,890,183 17.0% 354,905 $28.60
Q4 44,284,268 5,544,641 1,781,343 16.5% 129,516 $28.60
2005/Q1 44,430,772 5,828,447 1,131,954 15.7% 365,583 $29.70
Q2 45,526,350 5,773,841 1,130,434 15.2% 60,241 $31.57
Q3 45,134,630 4,934,788 1,408,976 14.1% 464,534 $32.56
Q4 44,794,249 4,644,515 1,246,239 13.2% 303,271 $33.40
2006/Q1 45,181,682 3,802,372 717,040 10.0% 283,495 $33.46
Q2 45,265,952 3,899,723 692,683 10.1% 111,350 $35.27
Q3 45,267,770 3,412,272 583,281 8.8% 213,537 $35.88
Q4 45,278,227 3,224,700 643,023 8.5% 210,841 $36.80
2007/Q1 46,668,376 3,422,734 441,075 8.3% 91,954 $42.02
Q2 46,663,509 3,286,066 487,191 8.1% 92,522 $43.32
Q3 46,663,509 3,083,395 355,421 7.4% 240,597 $46.82
Q4 46,663,509 2,976,387 352,776 7.1% 154,149 $46.82
2008/Q1 47,322,203 2,754,242 365,733 6.6% 28,808 $46.91
Q2 47,595,475 3,243,799 393,792 7.7% (325,481) $46.94
Q3 47,595,475 3,448,110 744,607 8.8% (253,332) $44.07
HISTORICAL VACANCY VS. LEASE RATES

1
Rates are Quoted as Full Service
2
Absorption is based on available square footage and may vary from Vacancy 0 – 3%
3 Vacancy is based on vacant square footage
* Includes all Classes of Office Space

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 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

OFFICE MARKET HIGHLIGHTS - LEASING

BY THE NUMBERS

±105,000 Square feet of space was taken by Pfizer,

Inc. at 455 Mission Bay Boulevard. Pfizer’s
subsidiary, Rinat Neuroscience out of South San
Francisco, will occupy the entire South Wing of
455 Mission Bay Boulevard when the project is
completed in January, 2010. Pfizer also has an
option on 50,000 square feet in the adjacent
building (the East Wing). They signed a fifteen year
lease.
455 Mission Bay Boulevard

Significant Leases (By Square Foot)

Top 5 Leases
Tenant Lessor (Sublessor) Address Sq. Ft.
Pfizer, Inc. Alexandria Real Estate 455 Mission Bay Boulevard 105,000
Squire, Sanders & Dempsey LLP TIAA-CREF 275 Battery Street 67,000
Arup ( S ) JP Morgan Chase 560 Mission Street 49,726
Carroll Burdick & McDonough ( R ) State Teachers Retirement System of Ohio 44 Montgomery Street 49,528
Symantec ( R ) ( E ) Kennedy & Associates 303 2nd Street 44,963

Pending Leases
Tenant Lessor (Sublessor) Address Sq. Ft.
Autodesk Glenborough Realty Trust, Inc. 60 Spear Street 116,321
Lieff Cabraser Heimann & Bernstein LLP ( R ) TIAA-CREF 275 Battery Street 46,000
OpenTable.com CFRI Market Street, LLC 799 Market Street 35,000
Norcal Waste Systems, Inc. ( R ) Arden Realty Golden Gateway Commons 25,000

Top 5 Contiguous Spaces (available in 12 months)

Address Lessor (Sublessor) Sq. Ft.
1355 Market Street (Connects w/ 875 Stevenson) The Adco Group 405,000
370 Third Street JER / Lane Partners 358,582
555 Mission Street (Under Construction) Tishman Speyer 319,850
650 Townsend Street TMG Partners 313,376
500 Terry Francois Blvd. CBRE Investors Strategic Partners 268,245

R: Renewal
E: Expansion
S: Sublease

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 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

OFFICE MARKET HIGHLIGHTS - SALES

BY THE NUMBERS

±267,446 Square feet of class “B” Union Square space at

760 Market Street has been sold by Westcore Properties of
San Diego who owned the building since 2007. The new
ownership, Thor Equities, is looking to reposition the
building. Best Buy just subleased +30,584 square feet of
retail space on the ground floor.

760 Market Street

Significant Sales

Top Building Sales for Q3 2008

Building Sq. Ft. Seller Buyer Class
760 Market Street (Phelan Building) 267,446 Westcore Properties Thor Equities B

Top Buildings for Sale Over 50,000 Square Feet

Building Sq. Ft. Seller Buyer Class
One Montgomery Tower (120 Kearny St) * 777,120 Nippon Life (NPI) TBD A
555-575 Market Street (Market Center) 770,044 RREEF TBD A
One Sansome Street 652,463 Broadway Partners Real Estate Fund III Mirae Asset MAPS Investment Management A
Rincon Center (101/121 Spear St) 580,850 Beacon Capital Partners TBD A
201 Mission Street 483,582 PruUk (LaSalle Investment Management) TBD A
211 Main Street 373,769 The Booth Family TBD B
221 Main Street 350,000 The Booth Family TBD B
400 Howard Street (Froundry Square I) 335,000 Morgan Stanley / Glenborough TBD A
601 California Street 253,809 Lincoln Properties / State of Illinois TBD A
235 Pine Street 207,500 Alecta RE TA Realty A
1035 Market Street 98,023 Seligman Western Enterprises TBD B
101 Howard Street 83,500 The Booth Family TBD B
* Represents a 50% Interest. Includes Crocker Galleria (52,704 square feet of retail space)

Projects Under Construction (By Completion Date)

Building Sq. Ft. Owner Location Completion Date Major Tenant(s)
499/409 Illinois Street * 450,000 Shorenstein Company Mission Bay Q4-2008 Fibrogen
555 Mission Street 550,000 Tishman Speyer Properties South Financial District Q4-2008 DLA Piper / Gibson Dunn
1500 Owens Street 157,929 Alexandria Mission Bay Q1-2009 None
1 Kearny Street ( R ) ( E ) 94,000 Joseph & Maria Fang North Financial District Q2 -2009 None
535 Mission Street 293,750 Beacon Capital Partners South Financial District 2010+ None
680 Folsom Street ( R ) 350,000 RREEF / CalPERS South Financial District 2010+ None

* 240,000 square feet leased to Fibrogen

R: Renovation
E: Expansion

Projects Planned
Building Sq. Ft. Owner Location Status
222 Second Street 617,000 Tishman Speyer Properties South Financial District Planning
350 Bush Street / 500 Pine Street 350,000 Lincoln Properties North Financial District Approved
350 Mission Street 385,000 GLL Real Estate Partners South Financial District Planning
Piers 27-31 300,000 Shorenstein Company North Waterfront Planning
505 Howard Street (Foundry Sq. III) 252,500 Wilson Meany Sullivan / Stockbridge South Financial District Approved

5
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

C&C FOCUS – TIER 1, 2, & 3

ENERGY STAR LEED - Certified LEED - Pending

6
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

C&C FOCUS – TIER 1, 2, & 3

ENERGY STAR LEED - Certified LEED - Pending

7
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

NORTH FINANCIAL DISTRICT MARKET SUMMARY

3rd Quarter, 2008

Vacancy Rate Availability (SF) Net Absorption
Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q2 '08 Rental Rates1
A 21,482,945 9.3% 7.1% 2.2% 2,576,484 1,959,519 616,965 (286,019) (134,611) $45.30
B 6,477,223 11.3% 10.4% 0.8% 973,717 906,967 66,750 (9,504) (47,760) $37.00
C 856,302 6.3% 6.3% 0.0% 58,715 57,762 953 4,673 626 $30.00
28,816,470 9.67% 7.83% 1.84% 3,608,916 2,924,248 684,668 (290,850) (181,745)

Historical Trends
Class A Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates
2004/Q3 19,838,132 2,680,889 777,290 16.5% (104,547) $29.90
Q4 19,838,132 2,669,307 535,675 17.4% (191,053) $30.60
2005/Q1 19,838,132 2,818,136 449,393 16.2% 253,197 $31.10
Q2 19,819,889 2,828,293 487,826 16.5% (62,593) $32.75
Q3 19,805,988 2,365,519 507,236 16.7% (41,960) $33.01
Q4 19,817,460 1,922,272 637,961 14.5% 157,926 $34.31
2006/Q1 19,817,460 1,773,127 314,449 12.9% 243,229 $34.75
Q2 19,890,190 1,731,564 337,550 10.5% 108,358 $34.75
Q3 19,895,019 1,557,068 292,971 10.4% 51,837 $36.40
Q4 19,895,019 1,505,161 289,094 9.3% 225,615 $37.00
2007/Q1 20,968,597 1,703,435 202,698 9.0% (3,396) $37.60
Q2 20,968,597 1,654,847 268,598 9.1% (121,277) $43.24
Q3 20,968,597 1,381,444 181,956 9.2% (17,312) $45.15
Q4 20,968,597 1,252,588 177,665 7.5% 83,823 $48.30
2008/Q1 21,482,945* 1,294,006 131,722 6.6% 55,817 $48.30
Q2 21,482,945 1,430,829 153,364 7.4% (134,611) $48.30
Q3 21,482,945 1,525,829 477,404 9.3% (286,019) $45.30

HISTORICAL VACANCY VS. LEASE RATES

1
Rates are quoted as Full Service
*
The Piers 1.5, 3, 5 were added to North Financial District Class A Q1 2008

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 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

NORTH FINANCIAL DISTRICT MARKET SUMMARY

BY THE NUMBERS

±251,300 Square feet is going to be available at 333

Bush Street as Heller Ehrman LLP closes its doors.

9.3% Class “A” vacancy for the North Financial

District submarket, increasing 1.8% since last quarter.

$45.30 Per Square foot (Full Service) for Class “A”

space, a decline of 6.21% quarter-over-quarter.

HISTORICAL DIRECT VS. SUBLEASE AVAILABLE SPACE

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 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

SOUTH FINANCIAL DISTRICT MARKET SUMMARY

3rd Quarter, 2008

Vacancy Rate Availability (SF) Net Absorption
Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q2 '08 Rental Rates1
A 19,612,763 7.9% 6.9% 1.0% 2,053,514 1,761,070 292,444 (73,457) 37,426 $44.20
B 3,311,891 5.7% 5.2% 0.5% 371,809 293,949 77,860 (87,197) 37,338 $37.00
C 1,222,232 4.4% 4.1% 0.2% 87,356 84,533 2,823 (4,928) 7,266 $29.00
24,146,886 7.40% 6.54% 0.86% 2,512,679 2,139,552 373,127 (165,582) 82,030

Historical Trends
Class A Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates
2004/Q3 19,687,636 2,353,253 755,277 15.8% 259,685 $29.20
Q4 20,081,418 2,382,289 804,855 15.9% (78,614) $30.30
2005/Q1 20,116,732 2,322,185 609,930 14.6% 254,244 $31.10
Q2 20,116,732 2,172,607 603,502 13.8% 217,661 $31.75
Q3 20,123,913 1,810,178 562,883 11.8% 112,402 $32.53
Q4 19,772,060 1,934,028 477,212 12.2% (38,490) $33.40
2006/Q1 20,159,493 1,328,836 358,395 8.4% 63,342 $33.40
Q2 19,086,992 1,354,408 325,959 8.8% 41,720 $35.70
Q3 19,094,438 1,271,296 257,646 8.0% (70,444) $36.00
Q4 19,094,438 1,038,200 262,045 6.8% 228,697 $37.10
2007/Q1 19,128,276 991,788 160,721 6.0% 252,536 $42.67
Q2 19,128,276 998,881 142,012 6.0% 13,586 $43.40
Q3 19,128,276 1,157,348 92,021 6.5% 114,922 $47.60
Q4 19,128,276 1,294,077 83,682 7.2% (128,390) $47.60
2008/Q1 19,612,763* 1,064,770 149,049 6.2% (32,660) $47.60
Q2 19,612,763 1,153,898 158,734 6.7% 37,426 $47.60
Q3 19,612,763 1,357,040 187,752 7.9% (73,457) $44.20

HISTORICAL VACANCY VS. LEASE RATES

1
Rates are quoted as Full Service
*
345 Spear (Hills Plaza) was moved from SOMA to South Financial District Class “A” Q1 2008

10
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

SOUTH FINANCIAL DISTRICT SUMMARY

BY THE NUMBERS

535 Mission Street began construction in July. This

293,750 square foot building is scheduled for
completion in 2010. Currently without any signed
leases, the property is being built on spec.

50 Beale Street pulled off the market. Offers came in

well below Broadway Partners’ desired selling price.
Blue Shield occupies 41.7% of the building through
December, 2018.

7.4% Overall vacancy and 7.9% Class “A” vacancy for

the South Financial District submarket, increasing
1.04% and 1.2% respectively quarter-over-quarter.

HISTORICAL DIRECT VS. SUBLEASE AVAILABLE SPACE

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 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

NORTH WATERFRONT/JACKSON SQUARE MARKET SUMMARY

BY THE NUMBERS

+11,306 Square foot early renewal along with a

+6,700 square foot expansion signed by SB
Architects, Inc. at 1 Beach Street was the largest
deal of the quarter in North Waterfront/Jackson
Square. SB Architects, Inc. was represented by
Jonathan Allen and John Norton of Cornish &
Carey Commercial.

11,907 Square feet of positive Class “A”

absorption in the North Waterfront / Jackson
Square submarket.

7.07% Overall vacancy for the North

Waterfront / Jackson Square submarket.

Vacancy Rate Availability (SF) Net Absorption

Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q2 '08 Rental Rates1
A 1,678,713 5.9% 5.8% 0.2% 136,673 130,386 6,287 11,907 17,021 $42.40
B 3,707,546 8.2% 8.1% 0.1% 418,870 382,665 36,205 (56,122) (27,478) $36.50
C 1,500,515 5.5% 5.5% 0.0% 90,121 89,321 800 (31,381) 280 $29.00
6,886,774 7.07% 6.97% 0.10% 645,664 602,372 43,292 (75,596) (10,177)

12
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

VAN NESS/CIVIC CENTER MARKET SUMMARY

BY THE NUMBERS

7.26% Overall vacancy for the Van Ness / Civic Center

submarket.

4.3% Class “A” vacancy for the Van Ness / Civic Center
submarket, making it one of the tightest markets to find
Class “A” space in San Francisco.

6,964 Square feet of negative Class “A” absorption in the

Van Ness / Civic Center submarket.

Vacancy Rate Availability (SF) Net Absorption

Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q2 '08 Rental Rates1
A 2,105,547 4.3% 4.2% 0.1% 108,277 106,239 2,038 (6,964) 27,254 $37.20
B 2,653,592 11.9% 11.8% 0.1% 409,370 314,206 95,164 1,192 4,238 $32.00
C 2,010,080 4.3% 4.0% 0.3% 96,730 91,362 5,368 (29,594) (38,016) $30.00
6,769,219 7.26% 7.12% 0.14% 614,377 511,807 102,570 (35,366) (6,524)

13
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

UNION SQUARE MARKET SUMMARY

BY THE NUMBERS

5.0% Class “A” vacancy for the Union Square

submarket, unchanged from Q2 2008.

$39.70 Per Square foot (Full Service) for Class “A”

space.

32,961 Square feet of negative absorption for all

classes of space in the Union Square submarket.

Vacancy Rate Availability (SF) Net Absorption

Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q2 '08 Rental Rates1
A 181,715 5.0% 5.0% 0.0% 9,075 9,075 0 0 662 $39.70
B 3,037,002 6.9% 6.6% 0.3% 228,891 212,855 16,036 (32,611) 64,645 $36.00
C 2,668,473 10.0% 9.8% 0.2% 287,088 263,195 23,893 (350) (28,661) $30.00
5,887,190 8.21% 7.99% 0.22% 525,054 485,125 39,929 (32,961) 36,646

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SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

THIRD QUARTER

15
 SAN FRANCISCO
SOMA MARKET SUMMARY
By Riccardo Gale & Marc Trovato
In light of current economic conditions, the
SOMA market remained fairly strong
throughout the third quarter of 2008.
Average asking rates held firm at $34.52 and
tenants absorbed 128,000 square feet of office
space. However, the re-introduction of at 370
Third Street added 390,000 square feet of
new supply to the market, resulting in
262,000 square feet of negative net
absorption and a modest increase in vacancy
to 19.87%.
Core SOMA properties continue to
command premium rents. For example, Slide
leased 36,000 square feet at 301 Brannan in
the low $40’s Industrial Gross, and Coverity
relocated and expanded at China Basin to
26,000 square feet in the high $40’s per
rentable square foot, fully serviced. However,
asking rents in non-core properties continue
to fall, as landlords react to softening demand
for these properties and competition from
new sublease availabilities. For example, 539
Bryant completed two leases in the low $30’s,
and 642 Harrison is being marketed at that
same rate.
Availability of high quality, creative, open-plan
space remains limited. Some of the more
desirable available spaces in the market
include:
ƒ 410 Townsend Street – up to 40,000
RSF (in 10,000 RSF increments) of brick
& timber office space
ƒ 500 Third Street – 8,000 RSF of bright,
open, high-ceiling space with downtown
views
ƒ 139 Townsend Street – 11,000 RSF of
creative brick and timber, full floor space
near the Ballpark
Overall Rent vs. Vacancy 3Q ’07 to 3Q ‘08
SAN FRANCISCO OFFICE
THIRD QUARTER
ƒ 185 Berry Street – 17,500 RSF of quality (where sublease availability has increased
creative space with waterfront views significantly) may continue to push rents
ƒ 72 Townsend Street - 30,000 RSF lower.
creative full building lease opportunity
with turn-key improvements
Despite the strong performance of the SOMA
market this quarter, concerns loom on the
horizon. Significant pending leases are few
and far between. Venture capital funding,
which is so vital to the growth of the
technology sector, is at its lowest level in
recent memory. According to Dow Jones
VentureSource, the IPO’s and M&A’s of
venture-backed companies generated just
$4.57 billion this quarter, down 66% from the
third quarter of 2007. Tempered demand and
increased supply of office space, such as the
190,000 square feet of office space to be re-
introduced at 875 Howard Street next
quarter, may suppress rental rates in the near
future. It is anticipated that some companies
will downsize and/or cease operations, adding
sublease space to the market and further
lowering asking rates on direct space.
Tenants who can afford to delay major lease
commitments may be well suited to do so.
In conclusion, the SOMA office market has
remained relatively strong through the third
quarter, primarily due to the continued
strength of the technology sector. The
leasing market has seen robust activity and
sustained rent levels, though a lack of access
to capital has all but silenced the investments
market, with no significant transactions
occurring for the second consecutive quarter.
General economic conditions will likely
temper demand across all sectors, while an
increasing supply of direct and sublease space
in SOMA and in the central business district
16
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

SOMA MARKET SUMMARY

3rd Quarter, 2008

Submarket # of Buildings Total Sq. Ft. Available Sq. Ft. Vacancy Rate Average Asking Rent Absorption Sq. Ft.

South Beach 19 2,241,187 253,637 11.32% $35.96 71,765

Multimedia Gulch 39 3,964,074 946,510 23.88% $40.15 12,205

Yerba Buena / South of Market 19 2,591,710 454,042 17.52% $39.60 (337,479)

Potrero Hill / Inner Mission 13 1,219,132 185,303 15.20% $32.78 (8,399)

Mission Bay 5 614,548 273,272 44.47% $55.00 0

Totals: 95 10,630,651 2,112,764 19.87% $34.52* (261,908)**

* Excludes 500 Terry Francois & China Basin Landing addition; Rates are based on a weighted average for available space only
** 390,000 square feet at 370 Third Street were added to SOMA inventory Q3 2008

SOMA Top Ten Buildings

Building 1Rates Direct Sublease Total Avail. Avail. Total
Building Stories
Sq. ft. Total Direct Avg. Sq. Ft. Sq. Ft. Sq. Ft. Percent
185 Berry Street 6 939,549 $58.25* 229,441 0 229,441 24.4%

475 Brannan Street 4 255,000 $48.00 0 0 0 0.0%

444 DeHaro Street 2 152,000 $35.00 51,213 0 51,213 33.7%

160 King Street 10 167,983 $46.00 6,300 69,656 75,956 45.2%

350 Rhode Island St. South 4 139,509 $38.00 34,841 0 34,841 25.0%

501 2nd Street 7 207,809 $41.00 9,603 4,992 14,595 7.0%

625 2nd Street 4 134,447 $46.00 0 0 0 0.0%

139 Townsend Street 5 57,782 $42.00 21,341 0 21,341 36.9%

410 Townsend Street 4 80,000 $34.00 39,218 0 39,218 49.0%

650 Townsend Street 6 710,400 $33.00 376,527 16,865 393,392 55.4%

1
Rates are Quoted as Full Service
* Rate includes new addition of approximately 175,000 RSF

Largest Contiguous Spaces

Address Square Feet Available
370 3rd Street 358,582

650 Townsend Street 313,376

500 Terry Francois Blvd. 268,245

185 Berry Street 175,000

160 King Street 56,963

303 2nd Street 40,145

410 Townsend Street 39,218

350 Rhode Island Street 34,841

17
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

SOMA MARKET SUMMARY

Top Leases
Tenant Lessor Square Feet Address

Pfizer, Inc. Alexandria Real Estate 105,000 455 Mission Bay Boulevard

Symantec ( R ) ( E ) Kennedy & Associates 44,963 303 2nd Street

Nokia ( R ) TMG Partners 39,706 650 Townsend Street

Kennedy Jenks Kennedy & Associates 38,175 303 2nd Street

Slide Watson Breevast 35,373 301 Brannan Street

SF Unified School District Amerimar 35,000 1550 Bryant Street

Comcast JER / Lane Partners 31,418 370 3rd Street

Coverity ( C ) ( E ) RREEF 26,000 185 Berry Street

Live Nation 251 Rhode Island, LLC 20,142 251 Rhode Island Street

RG/A Sherman Clay 16,242 35 South Park

Global IP Solutions 642 Harrison & Hawthorne, LLC 12,448 642 Harrison Street

Jaspersoft PMI 9,779 539 Bryant Street

OPSWAT ( S ) Paul Hockett 8,032 640 2nd Street

Top Pending Leases

Tenant Lessor Square Feet Address

OpenTable.com CFRI Market Street, LLC 35,000 799 Market Street

Undisclosed Tenant ( S ) Macy's.com 16,000 22 4th Street

Undisclosed Tenant TMG Partners 15,000 650 Townsend Street

Undisclosed Tenant Apollo Real Estate Advisors 8,300 444 De Haro Street

Top Building Sales

*No SOMA Sale Transactions this Quarter.

SOMA Top Picks

Location Floor(s) Minimum Size Maximum Size Asking Rent Comments

410 Townsend Street 2nd & 3rd 10,000 40,000 $34.00 Creative Brick & Timber with Parking. Nicely finished.

500 3rd Street Partial 5th 10,200 10,200 $35.00 Great lofty, open concrete ceiling space. Good City view.

139 Townsend Street 2nd 11,000 11,000 $40.00 Creative Brick & Timber full floor. Great location.

185 Berry Street 2nd 17,500 17,500 $45.00 Creative, high ceiling space with Bay views.

72 Townsend Street Ground 25,000 30,000 $38.00 Very creative full building. Landlord will turn-key improvements.

(E) = Expansion
(R) = Renewal
(S) = Sublease
(C) = Cornish & Carey Involvement

18
 SAN FRANCISCO SAN FRANCISCO OFFICE
THIRD QUARTER

AGENT ROSTER

LEASING INVESTMENTS MARKET RESEARCH

Jonathan Allen John Norton El Beh

David Karol
415.445.5138 415.445.5137 415.445.5114
415.445.5133
jallen@ccarey.com jnorton@ccarey.com ebeh@ccarey.com
dkarol@ccarey.com
Karl Baldauf Bart O’Connor Michael Leggett
415.445.5117 415.445.5102 415.445.5101
kbaldauf@ccarey.com boconnor@ccarey.com mleggett@ccarey.com
John Cashin Will Scovill* Rita Meehan
415.445.5112 415.445.5134 415.445.5135
jcashin@ccarey.com wscovill@ccarey.com rmeehan@ccarey.com
Donnette Clarens Nick Slonek Chris Pawlik
415.445.5120 415.445.5100 415.445.5103
dclarens@ccarey.com nslonek@ccarey.com cpawlik@ccarey.com
Shannon Dolan Marc Trovato Gerry Rohm
415.445.5105 415.445.5118 415.445.5104
sdolan@ccarey.com mtrovato@ccarey.com grohm@ccarey.com
Riccardo Gale Jacki Wong
415.445.5119 415.445.5107
rgale@ccarey.com jwong@ccarey.com
Raquel Ledesma
415.445.5136 RETAIL LEASING C&C CAPITAL OFFICE ADMIN.
rledesma@ccarey.com
Tracy Chiao Matthew Gum BK Masterson
Sam Liss
415.445.5140 415.445.5116 415.445.5150
415.445.54109
tchiao@ccarey.com mgum@ccareycapital.com bmasterson@ccarey.com
sliss@ccarey.com
Erika Elliott J.P. Hailer
Jim Lucas
415.445.5124 415.445.5111
415.445.5106
eeliott@ccarey.com jphailer@ccareycapital.com
jlucas@ccarey.com

Melinda Miyagishima Marissa Miller Eric Movsessian

415.445.5139 415.445.5123
415.445.5108
mmiller@ccarey.com emovsessian@ccareycapital.com
mmiyagishima@ccarey.com

Todd Motoyoshi Rachel Pagan Brad Zampa

415.445.5121 415.445.5115
415.445.5122 bzampa@ccareycapital.com
rpagan@ccarey.com
tmotoyoshi@ccarey.com
Julie Taylor
415.445.5128
jtaylor@ccarey.com

* Indicates Life Science Specialist

19