NoRTHeRN CalIFoRNIa INSIGHT

I N S I GH TV O L . 1 I S S U E 2M A Y 2 0 1 0M ay 2 0 1 1 V o l . 2 I s s u e 2

N o rt h e r N C a l i f o r N i a

Tech Driving Absorption From One End of the Peninsula to the Other

Social Media Sea Change

John Yandle: A Winner On and Off the Field

Market Sector SnapshotsFEATURES

C&C INSIGHT — Vol. 2 Issue 2 1

CEO InsightDear Friends, Colleagues, Clients &

Valued Business associates:

as I consider the diversity of information contained in this issue of Insight, I am struck again with our remarkable Northern California economy; not only its resiliency and innovation but how it continues to lead the world technologically and now socially. our clients are redefining how people advertise, consume, trade, heal and communicate and are at the leading edge of all these fronts, indeed redefining life as we know it. This rather small geographic area is home to a disproportionate share of the most influential companies in the world and to a group of amazingly bright and innovative people.

This innovation has again rescued us from another recession and put us on a course toward recovery. In the area between san Francisco and san Jose over 77 leases were signed above 50,000 square feet in Q1 of 2011. among those leases are some very large deals indeed; our client, Facebook leased one million square feet of space in Menlo Park, VM Ware leased 900,000 square feet in Palo alto and Google leased nearly 600,000 square feet and bought land to build another 600,000 square feet in Mountain View. encouraged by the IPo of linkedIn, social media, e-commerce, recruitment and gaming companies have been supercharged. Gaming company Zynga leased 289,000 square feet and Twitter took 200,000 square feet with the ability to double that figure.

With so much emphasis on technology and innovation in these new forms of human interaction, we are proud to bring you a story of our own John yandle, now the winner of the coveted Michael Murphy award that recognizes John’s unfailing work ethic, respect for others and an unselfish willingness to give his time to those less fortunate. We are extremely proud of John's efforts, ethics and community involvement.

In the broader market, the multi-family sector continues its bull position. apartment rents have increased for five consecutive quarters which is fueling strong sales and trades. While retail is being redefined by the internet and interconnectedness to social sites, retailers are learning to prosper and grow by adapting their strategies to embrace the new social realities of the young consumer.

In closing, the first quarter of 2011 provided a dramatic turnaround for our local economy despite some late concerns about the housing market and inflation. While we may not continue to enjoy the velocity of absorption experienced in this past quarter and acknowledge the possibility of new economic concerns, it is clear that we have turned the corner and our area’s innovation has once again proven the engine to our collective success.

"I am struck again with

our remarkable Northern

California economy; not

only its resiliency and

innovation but how it

continues to lead the

world technologically and

now socially."

Chuck seufferlein

Chief executive officerCoRNIsH & CaRey CoMMeRCIal NeWMaRK KNIGHT FRaNK

T a B l e o F C o N T e N T s

1

2

12

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eDIToRIal CoMMeNTs

If you have a story you would like published in our next issue or a comment

about an article in this issue. Please contact sabine Zimmerhansl, Director

of Marketing at 408.982.8495 or [email protected].

C e o I N s I G H T Ceo letter

TeCHNoloGy RePoRT

Tech Driving Absorption From One End of the Peninsula to the Other

Retail Snapshot

Tenant Demand Surges as Large Lease Transactions Mark Early 2011

Social Media Sea Change

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C&C INSIGHT — Vol. 2 Issue 2 3C&C INsIGHT — Vol. 2 Issue 22

While the Bay area remains one of the world’s most magnetic travel destinations throughout economic cycles, the local business community’s health only seems to become more tied to the technology sector with each passing cycle.

accordingly for the region’s commercial real estate community, there’s little doubt it’s the rapidly recovering tech sector leading the way as tenants re-fill buildings vacated amid the Great Recession. Predictably down in silicon Valley, it’s the Googles, apples, Facebooks, Microsofts, aols and VMWares of the world absorbing space big chunk by big chunk (see related story in this issue of INSIGHT).

and as always happens amid tech-sector boom periods, the commercial space market is once again getting quite tight, and costly, in and around the industry’s ground zero – the City of Palo alto. While the likes of Facebook and MVWare just made major occupancy commitments in the area, growing small tech companies and just-launched start-ups are also filling nearby buildings.

No wonder the big institutional investment advisor RReeF was willing to pay a head-turning $900-plus per square foot for Palo alto’s 71,827-square-foot 100 Hamilton.

Thanks mostly to demand from start ups and small tech companies that prefer to stay within striking distance to

the venture capital hub at sand Hill Road in nearby Menlo Park, downtown Mountain View’s Class A office vacancy rate has fallen well into single-digits.

“Downtown Mountain View is just a really hot market right now and has been since the third quarter of 2010,” says Christine Slonek, a senior Vice President in Cornish & Carey Commercial Newmark Knight Frank’s Santa Clara office.

slonek said it has become typical for available space to receive multiple offers for occupancy. For example, when she recently leased 8,800 square feet to software developer BloomReach Inc. at 399 W. el Camino Real, there were a handful of bidders for the space.

But as Cornish & Carey Commercial Newmark Knight Frank’s new san Mateo Manager Josh Rowell is quick to point out, this recovery story is also being replicated at the northern tip of the peninsula – in san Francisco. As was the case for the first time with the dot-com boom in the 1990s, san Francisco – and the soMa (south of Market) district in particular – has become quite the

formidable hub of tech start-up innovation.

That is very much the case this time around with Web 2.0 – as evidenced by so many start-up gaming, social media, health care and related outfits looking to become the next Google. as Rowell notes, Palo alto and soMa were dominant forces in leasing to smallish tech companies during the first quarter – with a total of 55 between them just in the 3,000- to 5,000-square-foot range.

“The second half of 2010 and the first four or five months this year has proved once again that the san Francisco Peninsula is one of the most resilient property markets in the country, and technology is to our market what government is to Washington, D.C.’s property market,” said Rowell.

The Bay area remains a bastion of serial entrepreneurs, who are able to launch new endeavors these days with only a great idea, a laptop or two – and some type of commercial space beyond the proverbial garage. and it’s hard to deny that many younger innovators prefer san Francisco’s non-stop buzz over the south Bay’s more suburban lifestyle.

Hence, all those small soMa transactions – not to mention the ever-lengthening roster of business incubator facilities, accelerators and the new-wave coworking spaces that are proliferating in the district.

For instance the operators of the Rocketspace have tapped out their current coworking facility on Fremont street, and are looking to expand into another 100,000 feet – and maybe much more. Nor is it a surprise that more venture capitalists are choosing san Francisco locations, in part to keep close tabs on their soMa-based holdings and additional prospects.

Interestingly the area is even becoming a location of choice for some noteworthy large tech companies as well.

Indeed, gaming company Zynga just cut a deal for 289,000 square feet at 650 Townsend st., a property owned by TMG Partners. likewise fast-growing Twitter just inked a commitment to 200,000 square feet at Market square along

Market street – and retained an option to double it.also located south of Market street is what’s rapidly becoming one of the world’s more notable biotech hubs: Mission Bay. anchored by the $1.6 billion uCsF Medical Center, Mission Bay is home to scores of life sciences companies – some growing from a high-activity specialty incubator.

and more techies are on the way, as cloud computing giant salesforce.com is developing its corporate campus potentially spanning 2 million square feet at Mission Bay. Taken together, Internet-related business, software and social networking firms inked more than 7 million square feet of leases in San Francisco last year – the most in a decade, and the pace is expected to continue.

as Zynga’s landlord and Ceo of TMG Partners Mike Covarrubias has said: “This is not ‘son of Dot-Com;’ these are well-heeled companies with senior management and making real money.”

0 5 10 15 20

300,000 SF +

200,000 - 299,999 SF

150,000 - 199,000 SF

100,000 - 149,000 SF

90,000 - 99,999 SF

80,000 - 89,999 SF

70,000 - 79,999 SF

60,000 - 69,999 SF

50,000 - 59,999 SF

In the first quarter this year, from San Jose to San Francisco, 77 leases of 50,000 square feet or greater closed:

# of TransactionsSource: Cornish & Carey Commercial Newmark Knight Frank

Tech Driving Absorption from One End of the Peninsula to the Other

Josh Rowell

Christine Slonek


It is no surprise that people are using the Internet in greater and greater numbers to shop – even if online purchasing keeps increasing slowly – more people everyday are using the Internet to pre-qualify their physical shopping outings. By the numbers, online retail sales have only increased to 4% in a decade, according to The Nielsen Co. Retail sales online totaled 1% in 2000 and they were 4% in 2010, according Nielsen.

But now, with the explosion of social media, retailers have gotten hip and the pace of online retail sales is accelerating. In recent months, J.C. Penney, vitamin retailer GNC Holdings and starwood Hotels & Resorts Worldwide Inc. have wooed shoppers without ever leaving their Facebook pages – and it is having an impact on e-commerce sales, which have risen to 28% of sales in the first quarter this year, compared with an increase of 4% for bricks-and-mortar stores, according to the National Retail Federation.

J. C. Penney launched a Facebook shop in December, angling for customers to “like” its mobile store and grow clicks and sales through the social sharing method. GNC has taken a more aggressive line, with its Chief Branding Officer Jeff Hennion declaring: “Why leave the social scene to shop? Get what you need right on Facebook!” He added – and this is a very similar comment to one made by Craig Davis as it appears in the social Media story here in INSIGHT: “We need to go where our customers are.”

Mobile Apps to the rescue for traditional retailers? Mall owners are fighting back to hold on to existing customers. Threatened by the rapid growth of online retailers, shopping mall operators are creating mobile applications to help consumers navigate their stores and parking lots, and find sales and special discounts while at the mall. simon Property Group Inc., the biggest mall owner in the u.s., is offering shopkick Inc.’s shopper-rewards app in about half of its 338 properties, and is reportedly developing its own app to offer group discounts – ala Groupon.

Big box stores such as Target and American Eagle Outfitters Inc. have signed shoppers-seeking rewards through the free

app, shopkick, which is accessible via the iPhone. australia-based Westfield Group also introduced a free app for the iPhone last year, while Research in Motion ltd. rolled out a free app for its Blackberry device. The industry’s mobile efforts are just getting off the ground and none of the big mall operators are expected to prevent customers from shopping online – but they appear poised to use technology to defend their turf to the degree possible.

Meanwhile, luxury brands increasingly try for “concessions” in the form of establishing stores within stores. The attempted break away from the old sales model of selling to department stores, which pay the brand/manufacturer wholesale prices and in turn merchandise products within their stores, ultimately selling goods to consumers – is being generated by luxury brands to exert greater control in pricing and merchandising and generate more profit.

lVMH’s louis Vuitton insisted on the concession model in u.s. stores from the very beginning but recently, Prada is making concessions inroads around the country. Macy’s Inc’ Bloomingdale’s in Manhattan is allowing Prada to create a concession for its handbag collection, while Neiman Marcus rents out space to Prada in las Vegas.

Meanwhile, worldwide sales of luxury goods are surging this year, according to a recent study by Bain & Co. luxury spending is expected to rise 8% to $274 billion this year. Bain’s closely watched luxury Goods Worldwide Market study reported that 2010 was a record year for luxury goods makers after dreadful plunges in 2009 and 2008.

The British are coming, the British are coming! No wait, they are here. We are not talking about the april 18, 1775 ‘midnight ride’ by Paul Revere and other american Revolutionaries to spread the word that the British had found out where the colonists hid their ammunition. No. We’re talking about Fresh & Easy stores, which have finally opened in the Bay area. The england-based, small-store grocery retailer, Tesco, with its Fresh & easy concept, was eyeing the Bay area for locations as far back as 2007. But

In keeping with this issue of INSIGHT’s theme on technology, we’re keeping an eye on shopping trends and tech.

Retail Snapshot

its roll out in southern California didn’t go as smoothly as planned and then the recession delayed the Northern California introduction of Fresh & easy. In recent months, stores have opened in Danville, Hayward, Pleasanton, Walnut Creek, Concord, san Jose’s Willow Glen neighborhood, west san Jose near the Campbell/saratoga border and on Clement Street in San Francisco, with five or more planned for the region this year.

ICSC Las Vegas


companies. ultimately, these are the companies that drive occupancy, fill buildings and generate demand for new developments,” said shaffer.

Meanwhile, amid numerous near-term requirements of 100,000 square feet or more of office or R&D facilities, the inventory of available contiguous spaces of 50,000 square feet or larger continues to shrink. existing properties will no doubt accommodate some of those requirements – but developers and corporate users alike will also look to get new projects out of the ground in coming months.

The valley’s Class A office vacancy rate remains above the historical average, at more than 18 percent. yet all the activity shrank the available inventory by some 800,000 square feet during the first quarter and the vacancy rate is forecast to decline in the next few quarters.

As for R&D space, valley businesses have been filling up vacancies pretty steadily over the past year or so – although absorption was down in the first quarter.

Generally speaking now that availability of large contiguous spaces has become minimal in Mountain View, Palo alto and Menlo Park, the strongest large-user activity should come in sunnyvale, Cupertino, santa Clara, and North san Jose.

Meanwhile, the activity is also robust further up the peninsula.

“We are realistically tracking 3 million square feet of demand within a modest radius from san Mateo,” says Josh Rowell, senior Vice President and sales Manager in the Cornish & Carey Commercial Newmark Knight Frank San Mateo office. “There are even more big tenants in the marketplace,” Rowell said.

The early months of 2011 have been noteworthy for the sheer number of large lease transactions from one end of the San Francisco Peninsula to the other. In the first quarter alone, 77 leases closed between san Jose and san Francisco that were 50,000 square feet of contiguous space or greater. The lease transactions totaled nearly 7.6 million square feet across the primary categories of office, R&D, industrial and warehouse real estate.

Not surprisingly, the greatest activity for large lease transactions took place in the western portion of silicon Valley and the southern Peninsula, where 15 leases of 100,000 square feet or more were inked during the period.

Also in the first quarter, 30 large sale transactions between 50,000 square feet and 450,000 square feet also closed. The sale transactions totaled a little more than 3.35 million square feet.

The inventory of quality and large available office and R&D spaces in and around silicon Valley is shrinking rapidly while demand continues to grow.

one of the biggest transactions reported this year to date was VMWare’s agreement to lease nearly 900,000 square feet at the former Roche campus at stanford Research Park in Palo alto. The cloud computing software maker’s large lease transaction was only outdone by social networking phenomenon Facebook, which committed to approximately 1 million square feet in nearby Menlo Park. Facebook is taking space formerly occupied by oracle and originally built as the sun Microsystems campus.

Google Inc. is a name on many minds, as the search engine giant has signed nearly 600,000 square feet of new leases as well as leased acreage in Mountain View that would allow the company to build another 600,000 square feet.

In sunnyvale, three transactions totaling 867,341 square feet recently closed at Moffett Towers, the Class A office built

by Jay Paul Co. and represented by Cornish & Carey Commercial Newmark Knight Frank Principal and executive Vice President Phil Mahoney. Hewlett-Packard completed the largest of the three leases and agreed to lease 393,776 square feet in the high profile development.

Significantly for market participants, the historical tendency is that as the biggest

available spaces get absorbed and growth-minded space users have fewer and fewer options, effective rental rates move upward – and sometimes quickly.

That’s good news for silicon Valley’s many landlords who have struggled under declining rents (and property values) as space demand weakened with the Great Recession. But it’s not such a welcome development for the several users still in the market with large requirements – many of which are striving to attract and keep talented employees, with convenient and comfortable working spaces, amid a highly competitive recruitment environment.

Todd Shaffer, senor Vice President and sales Manager in Cornish & Carey Commercial Newmark Knight Frank’s santa

Clara office, predicts that deal making will continue, however at a slower pace due to the great amount of absorption over the last nine months.

“some of the region’s strongest companies recently leased large blocks of space, which is certainly good for our market and industry, but we are hoping to see growth and expansion by mid-range

Tenant Demand Surges as Large Lease Transactions Mark Early 2011

In the first quarter this year, from San Jose to San Francisco, 77 leases of 50,000 square feet or greater closed:

• 19 leases were signed between 50,000 and 59,999 square feet








• 1 lease was signed for 393,776 square feet

Phil Mahoney

Josh Rowell

Todd Shaffer


as tech-savvy author, William Gibson famously said, “The future is already here—it’s just not very evenly distributed.” Given that social media and mobile apps have arrived and can confidently be expected to become increasingly important factors in our marketing as well as in our general business environment, executives are asking, what are the most important dynamics in these trends for us to leverage?

ComBridges’ leland underscores, “you have to communicate with your customers the way that they want to communicate with you. If they want to phone, you have to answer. If they want to email, you have to answer. If they want to tweet, you have to answer.”

When marketers reach out to find new business, social media is offering entirely new ways to engage and build relationships with customers, and this couldn’t come at a better time.

For example, the union of Concerned scientists says that “The average american is exposed to about 3000 advertising messages a day, and globally corporations spend over $620 billion each year to make their products seem desirable."

In this era of marketing “noise,” social media offers an alternative to trying to rise above the din. Rather than turning up the volume on the old kind of one-to-many, in your face “push” advertising, social media leverages a more direct many-to-many marketing environment. Because these new “channels” are fueled by dynamics like personal referrals (or links), Facebook recommendations (or “likes”) and consumer-generated reviews (via blogs as well as various e-commerce sites), the Internet now offers marketing communications that are much more personal, credible and

closer to a one-to-one, face-to-face conversation. This is especially true when the new marketing style is compared to the old style, broadcast media, “hit and hope” forms of marketing.

This kind of online social media relationship building for business is so different from old fashioned, traditional marketing that it’s sometimes called “un-marketing” and there’s even a book with that title.

social media is also driving a paradigm shift in advertising – and not just that advertisers moved away from print in droves in favor of digital media. There is an attitudinal change in the way advertisers think. as Craig Davis, chief creative officer of J. Walter Thompson – the world’s 4th largest ad agency, has said: “audiences everywhere are tough. They don’t have time to be bored or brow beaten by orthodox, old-fashioned

advertising. We need to stop interrupting what people are interested in and be what people are interested in.”

Because of the interactive nature of new marketing the old world one-way street has become two-way. strategies that include real world analytics feedback and the ability to monitor both your competition’s as well as your own customers’ online social media “conversations” and search engine optimization provide new, cost effective insights. Thus, social media opens up new avenues for market research, customer service and a new discipline with its own breed of online software called “reputation management.”

While the “old dogs” in many corporate marketing departments may not want to learn “new tricks,” this sea change is upon us. The proverbial toothpaste will not go

“I remember speaking at an Inc. 500 conference in the early 90’s and waking up corporate marketing people to the fact that they had to give their customer email the same kind of attention that they give their toll-free number,” says Marin-based Internet marketing expert and ComBridges president, Jon leland. “I told them, ‘you know that you have to answer your 800-line.’ Now, I’m telling them that they have to give that same kind of attention to social media.

First there was the phone. Then there was email. Now there is social media.

If you haven’t noticed that the world of marketing communications and customer service has changed dramatically, you are not paying attention. But, there are still those who don’t take social media marketing seriously.

The numbers are not to be denied. Facebook already has 600 million members and will reach 1 billion users sometime in this year. even the more narrowly focused “business professional’s networking site” that recently went public, linkedIn, recently announced robust 65% year-over-year growth to 79 million users as of last March.

and, the explosive growth of the mobile Internet is not only fueling social media’s continued rapid growth, but mobile computing represents another sea change of its own. In a presentation earlier this year, one of the tech industry’s leading pundits, Mary Meeker—the former Morgan stanley analyst turned venture capitalist with Kleiner Perkins Caufield & Byers—predicted that Internet-enabled mobile devices would soon have ten times the user base when compared to Internet-connected personal computers. Thanks not only to the proliferation of smart phones, but also due to the increasing use of tablet computers like the iPad, ebook readers, wired video gaming consoles, Internet-connected TV’s and more, the roughly one billion Internet-connected PC’s is expected to become ten billion Internet-connected devices well before the end of this decade.

The writing is not only on the proverbial wall but social media marketing and mobile software companies, among others, who are riding the demand for these new technologies are starting to lift the commercial real estate market with a new wave of start ups.

Marketing Communications Will Never Be the Same

“You have to communicate with your customers the way that they want to communicate with you. If they want to phone, you have to answer. If they want to email, you have to answer. If they want to tweet, you have to answer.”

Jon Leland is president & creative director of ComBridges, a web design & Internet marketing agency based in Tiburon

The Social Media Sea Change


back into its tube. so, while creative marketing departments will be taking advantage of the numerous opportunities that this new marketing environment offers, others will be overwhelmed by the learning curve and the time management challenges that are inherent in getting up to speed with any new discipline.

yuri Milner, the Russian born, Forbes-list billionaire and owner of DsT Global, an investment fund focused on tech companies, has said about the future of social media: “We live in the age of the mathematician in which inordinate power and riches will go to the people who create the algorithms that end up dictating who and what we know. The amount of information people digest is doubling every two years, now that much of our time is spent in front of screens. That overload leads to shorter attention spans, shorter units of communication and the dire need for better curation – which is storage and filing that is organized like one’s personal library. The machines will become more involved and create a need for a second level of curation. For example, Facebook already suggests new friends for you.”

While Milner’s comment has a slightly orwellian tone, it leaves little doubt that we have entered a new era of customer-powered marketing with an entirely new platform of communication and businesses large and small must adapt or face the consequences.

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It has been quite a year for John Yandle, senior Vice President and Sales Manager in the Santa Clara office of Cornish & Carey Commercial Newmark Knight Frank. First it was the World series win with the san Francisco Giants and more recently, the association of silicon Valley Brokers (asVB) honored John with the Michael Murphy award, which recognizes a rare blend of business acumen, unfailing work ethic, respect for others and an unselfish willingness to give back.

The Giants’ November 2010 victory over the Texas Rangers to claim the World series title was a big ‘W’ for all Giants fans, but particularly so for yandle – who completed his 26th season with the club, pitching batting practice. The former minor leaguer and stanford graduate (economics, top of his class with honors) described it as: “a great experience and the culmination of an incredible season that kept going and going.”

asVB Michael Murphy award

“I was most sincere when I told you that presenting this award was genuinely one of the most gratifying of my asVB experiences. From one old war-horse to another, you deserve it! (I don’t get to use the word “humble” very often when I’m describing a broker),” wrote Drew arvay, Managing Partner, Director with Cassidy Turley BT Commercial. arvay presented yandle with the Michael Murphy award at the asVB awards Dinner in March. The following is excerpted from arvay’s speech.

The Murphy award has come to represent one of the highest honors that can be bestowed upon a member of our real estate community.

This coveted award is given to those individuals who over a career, live by a code of integrity, and a pursuit of excellence that “they” bring to work on a day-to-day basis, their

character is “infectious”, . . . and they make those around them better, simply by association. After work, you’ll find these special individuals giving back to their communities and looking out for those less fortunate. This is, for me, asVB’s equivalent to “a lifetime achievement award.”

This year’s recipient is possibly one of the most deserving and humble to ever receive this prestigious award. He certainly meets every aspect of the business professional. over his 22 years he has leased or sold over 8 Million square feet and valued at well in excess of $1 Billion dollars. His meticulous attention to detail and skilled financial analysis has turned countless complex deals into completed transactions. He has been recognized as an industry leader, winning Broker of the year four times. one of his greatest contributions to the brokerage community is his unselfish counsel and tutoring of the young people that enter the real estate profession.

For me personally, I have seen his tireless efforts as a long-standing member of the asVB Board of Directors. If your wondering who this “superman” is I can tell you that he is a Champion for his clients, He is a Champion for asVB, a Champion of the community and worthy causes . . . and in 2010 he also became a “World series” Champion. If you haven’t guessed yet . . . the 2010 Michael Murphy award winner is . . . JoHN yaNDle.

John played baseball for the san Diego Padres organization from 1977 to 1981 and for the last 26 years has thrown batting practice for the sF Giants, traveling with the team for the last 13 years. While doing this, he has been featured in many newspaper articles and radio interviews. Kiplinger’s made him the cover story 'Dream Jobs' in 2004. Both Sports Illustrated and Reader’s Digest have published a story about John’s batting practice position. John was written into Barry Bonds contract as the left-Hander that Bonds insisted on taking batting practice with and yes, John “will” receive a World series ring for his contribution to the team.

John donates the proceeds from working with the Giants to Community Funds for underprivileged children. He has been involved with the “Make a Wish Foundation” the last 5 years. To support the american Cancer association, John ran from the san Diego Padre stadium with another player to spring Training in yuma, aZ. He ran 120 miles in 5.5 days. John heads up the C&C efforts on behalf of the Giving Tree at Christmas which provides gifts to less fortunate children. He continues to support the Jr. Giants organization and the Barry Bonds Foundation which both provide equipment and facilities for underprivileged kids. He is also an assistant Coach for the alpine little league and last year, John held a pitching clinic for all ages.

For the last 15 years, John has spearheaded asVB’s charitable giving which hit the $1 Million mark in 2010. as a Board of Directors, asVB is charged with many responsibilities, but John is a tireless and passionate advocate that constantly brings us back to focus on the “Greater Good” of the elderly, children and the disadvantaged. sometimes he pushes, sometimes he pulls, and mostly he leads by example. We originally put him in charge of collecting money because he’s good with numbers.

Despite all the demands on his time, he is first and foremost a great dad to Jackson,10; Nick, 9; and evelyn, 6 and a dedicated and loving husband to his beautiful wife, Heather.

Please rise and join me in honoring a man that I am privileged to call “friend” The 2010 Michael Murphy recipient . . . JoHN yaNDle.

John Yandle, a Winner On and Off the FieldProfile:


we went online to find an interesting exchange between two tech experts.

*LinkedIn is the first of the big social media companies [Facebook, Twitter, Groupon, Zynga, etc] to go public. What does this IPO mean for those companies?It's sensationally good news for Facebook and those firms. Facebook in particular is a more attractive buy because it's so much bigger and there's so much more dominance in its market. I have to think that demand for Facebook's stock just exploded in the secondary market.

What is the secondary market, and why is it important? There is a secondary market for a private company's stock before it goes public. Think of an e-Bay for illiquid securities, like private company stock. It's important because you see a lot of companies postponing going public partly because they've been able to get liquidity in these secondary markets.

What should we be watching for in the next few years to justify this price? sooner or later, companies mature, and they end up at mundane price-earnings ratios. The way to think about ratios and multiples for these kinds of companies is to think about Google. It's a hot stock, but it's trading at maybe 14 times its forward earnings. so the question we should be asking is: How much growth is linkedIn going to have before

they end up looking like Google? In order to justify trading at 25-times earnings, you have to get to some pretty good profit margins soon.

In LinkedIn's defense, the "hiring solutions" market is enormous. One analyst pegged it at $30 billion, which makes it bigger than the U.S. beer industry, for example. That implies lots of room for growth. That $30 billion figure includes a lot of recruiting companies that are highly trusted and aren't going anywhere. I don’t know what kind of market share linkedIn can realistically take.

* Derek Thompson, an associate editor of The Atlantic, posed these questions, which were answered by Espen Robak, president of Pluris Valuation Advisors.

Our new #1 Economic Barometer That We Have Entered a Period of Growth --Wine Sales: Wine sales are forecast to increase 11%-15% this year, according a report by silicon Valley Bank’s Rob McMillan, founder of the bank’s Wine Division. This is the surest sign yet that the recession is firmly in the rear-view mirror and there is no chance of a double dip. Wine sales actually grew in the u.s. in 2010 – by 10.8% after being negative in 2009 at 3.8%. By comparison, wine sales increase 22.3% in 2007.

Hiring has started to pick up: so far this year, companies with fewer than 500 employees have added an average of 188,000 jobs a month, according to payroll company automatic Data Processing Inc. last year, they averaged just 68,500 jobs a month. economists are not generally enthused by those numbers, but they are far more positive than they have been.

large companies, which typically lag behind hiring, have also been bringing on new staff. according to aDP, u.s. businesses with 500 or more employees have added an average of 11,300 jobs a month so far this year, after shedding 3,400 jobs a month in 2010.

California added more than 90,000 jobs in the first quarter – more than the increase of 82,600 for all of 2010.

locally, Google reported that it had hired more than 1,900 people in the first quarter and that its work force had expanded 28% in the last 12 months. also, the company recently gave all of its employees a 10% pay raise. among other endeavors, the company is investing in its business, youTube, expanding its mobile platform and working on its Chrome browser.

on a broader yet still local scale on technology hiring, Ventureloop Inc. is reporting that a rising number of silicon Valley and the greater Bay area job openings are with companies backed by venture capital. Ventureloop, a san Francisco recruiting resources firm, said job openings at venture capital startups in the region more than doubled in april, to 3,609, compared with 1,739 in april 2008 and before the financial crisis. The hiring ramp up isn’t spread evenly across job sectors, however, and the talent in greatest demand appears to be related to industries discussed elsewhere in this issue of INsIGHT – social media, mobile apps and Internet marketing; in other words, software engineers and data-analytics professionals, according to high-tech job recruiters.

all of this adds up to good news for the state, which could use some positive news relating to California’s dire fiscal situation. According to an economist with the state’s Legislative Analyst’s Office, job growth is putting a balanced California budget within dreaming distance. If job growth

continues at this pace, it could trim $6 billion from the current budget deficit of $15 billion.

Inflation Watch: Fed Chairman said in his first ever news conference a couple weeks ago that he believed much of the recent price increases in consumer goods, led by higher gasoline and food prices, will slow. The economy expanded by a tepid annual rate of 1.8% GDP in the first quarter, down from 3.1% in the fourth quarter of 2010. Consumer spending, which accounts for approximately 70% of the economy, grew 2.7% in the first quarter, after adjusting for inflation. That was also down from the fourth quarter last year (4.0%) but still considered a positive trend by most economists.

The Apple Juggernaut: Close to oblivion in 1997, apple Inc. is now the world’s second most valuable company, behind exxon Mobile Corp. The apple juggernaut rolled full steam into the new calendar year, as the company announced another quarter of breathtaking sales and profit, overcoming concerns about the impact of Japan's natural catastrophes on the suppliers assembling the Macs, iPhones and iPads that the world can't seem to get enough of.

While apple struggled to meet surging demand for its second-generation iPad, iPhone sales jumped 113 percent from a year ago, thanks in part to the company's decision to start selling the phones through Verizon as well as aT&T. as a result, Apple's second-quarter profit climbed nearly 100 percent.

"With quarterly revenue growth of 83 percent and profit growth of 95 percent, we're firing on all cylinders," Apple Ceo steve Jobs said in a news release. "We will continue to innovate on all fronts throughout the remainder of the year." Investors seemed encouraged by the result. apple shares have been trading in the $340-$356 range.

LinkedIn IPO: What buzz linkedIn spurred when it went public in a couple weeks ago! Reminds some of us of the early days of Google, when a friend told you he bought stock at $85 and you thought – nuts, there’s money down the drain. Best to hold off on any forecasts for linkedIn’s share price, based on previous experience. linkedIn shares were trading over $100 three days after going public at $32. To put LinkedIn’s IPO in perspective and as briefly as possible,

Retail Trends


The life sciences market in the Bay area is comprised of nearly 20 million square feet and finished the first quarter with a vacancy rate of 17.68%, which is more than a point lower compared with a year ago, when vacancy for lab space stood at 18.81% overall.

of the six Bay area life sciences submarkets followed by Cornish & Carey Commercial Newmark Knight Frank, half declined in vacancy while half experience higher vacancy compared with the first quarter of 2010. Emeryville/Berkeley fell from 6.51% vacancy to 1.17% during the 12-month span. Wareham Development is basically fully leased across its east Bay laboratory portfolio with only a few small incubator spaces available. Wareham broke ground in the first quarter on a 99,000 square-foot laboratory building that will be named the emerystation Greenway Building.

The mid-Peninsula had the greatest amount of absorption in the course of the year, falling from a vacancy of 18.85% in the first quarter 2010 to 8.85% at the close of the first quarter 2011, while south san Francisco went the other direction, finishing the first quarter this year with a vacancy factor of 8.85%, compared with 5.85% a year ago. Rental rates crept up during the course of the year and are expected to rise by 10% or more in the next 12 months – particularly in prime locations and newer buildings. Asking rates range significantly in the Bay area, from $1.50 per-square-foot (NNN) in Fremont to $3.50 per-square-foot (NNN) at two current availabilities – one in south san Francisco and the other on Berry street in san Francisco.

In the early innings of this year, the southern portion of the mid-Peninsula has had the greatest activity. GenPharm/Bristol Meyers leased 132,726 square feet at 700 Bay Road in Redwood City. Codexis expanded and renewed in seaport Center (96,002 square feet) and Genomic Health renewed its lease of 95,086 square feet. Rental rates crept up.

The generally positive trends in lab related and health care real estate is spurring development. The ReIT, HCP Inc. said in early May that it would build as much as 800,000 square feet in south san Francisco on the 20-acre former u.s. steel site after buying it from Genentech Inc. (a member of the Roche Group) earlier in the year for $65 million. across from oyster Point Blvd. BioMed Realty Trust bought two sites from Chamberlin associates for $298 million in september last year and will likely seek to build up to 500,000 square feet on the land.

one substantial section of land that had been slated for development of life sciences space – approximately 14 acres of undeveloped Mission Bay property in san Francisco, was acquired late last year by Salesforce.com for its new (office) headquarters. salesforce.com bought the eight parcels from alexandria Real estate equities Inc. That deal will likely drive future life sciences development down the Peninsula or to the east Bay as demand increases.

Life Sciences Snap Shot


Office Market Trends

$2.25

$2.30

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$2.40

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Vacancy Asking Rate

Emeryville Office MarketHistorical Vacancy vs Asking Rate

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Vacancy Asking Rate

Palo Alto Office MarketHistorical Vacancy vs Asking Rate


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Vacancy Asking Rate

Walnut Creek Class A Office MarketHistorical Vacancy vs Asking Rate

$2.15$2.20$2.25$2.30$2.35$2.40$2.45$2.50$2.55$2.60$2.65

0.00%

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Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11

Vacancy Asking Rate

San Mateo Office MarketHistorical Vacancy vs Asking Rate

$2.25$2.30$2.35$2.40$2.45$2.50$2.55$2.60$2.65$2.70$2.75$2.80

0.00%

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Vacancy Asking Rate

Silicon Valley Office MarketHistorical Vacancy vs Asking Rate

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CBD Asking Rate Non-CBD Asking Rate CBD Vacancy Non-CBD Vacancy

San Francisco Office MarketHistorical Vacancy vs Asking Rate

$1.65

$1.70

$1.75

$1.80

$1.85

$1.90

$1.95

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Vacancy Asking Rate

Sacramento Office MarketHistorical Vacancy vs Asking Rate

$1.60

$1.65

$1.70

$1.75

$1.80

$1.85

$1.90

$1.95

$2.00

16.50%17.00%17.50%18.00%18.50%19.00%19.50%

20.00%20.50%21.00%21.50%

Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11

Vacancy Class A Asking Rate

Pleasanton Tri-Valley Office MarketHistorical Vacancy vs Asking Rate


IndustrialCentral Valley Industrial Market Update

While the san Joaquin County industrial market vacancy remains stubbornly high near 20%, the submarket continues to produce mega deals. and just as importantly, infrastructure improvements are underway that are setting the region up for future growth, according to John Fondale, sIoR, senior Vice

President/Industrial Division in Cornish & Carey Commercial Newmark Knight Frank’s sacramento office.

During the first quarter AMB leased a 390,000 square-foot building in Tracy to Best Buy. also in Tracy, toy manufacturer Melissa & Doug leased 483,000 square feet and plan to occupy in phases. Melissa & Doug have designed and sell over 1,000 unique and educational toys and children’s products.

san Joaquin County market has 1,384 warehouse and distribution buildings of 10,000 square feet or larger and totals 77,655,889 square feet. Historically, the submarket has principally been home to agricultural businesses – and still is, but in recent years more large distribution companies have taken up occupancy and the region is now considered one of the primary distribution locations in the Western united states. Rents range from $0.18-$0.35 per square foot and are 30% or more below the peak of the market three or four years ago.

Port ImprovementsThe Port of stockton received $13.5 million in funding from the american Recovery & Reinvestment act and is applying the majority of those funds to increase the movement of agricultural

goods through the Port of stockton and through the Port of oakland. The focus of the M580/I80 Marine Highway Project is to support a Container-on-Barge Marine Highway service. When complete, the barge will take approximately 7.5 hours on Marine Highway to travel from one port to the other. Among other benefits of the barge project – less truck traffic on I-580 and fewer fuel emissions. The america’s Marine Highway program is a new Congressionally-authorized initiative to move more cargo and passengers, when possible, on water routes to relieve landside congestion on the roadways and reduce emission. Nationwide, 18 rivers and coastal routes have been identified to participate in the program.

Meanwhile, construction has begun at the Castle & Cooke Cold storage Facility, which opened in May 2009, to add a rail dock that will allow refrigerated goods to be trans-loaded. The facility is co-served by The Union Pacific and The BNSF Railway through the Central California Traction Company (CCT), the Port of stockton’s short line Railroad.

The rail dock will be “Cold Chain Compliant” keeping perishable and frozen foods at their proper handling and storage temperatures. Product will then be placed into cold storage, cross-docked for export containerization loading or loaded onto outbound trucks for domestic distribution. The completion date is schedule for May 2011.

This Premier Transload facility has variable temperature rooms for different commodities. In addition to blast freezing, the new facility will have high pressure cooling capabilities for further processing and value-added services. These services are used by local ag Producers to extract heat from their crops prior to shipment and for food processors and manufacturers to freeze, store and ship products to international and domestic markets.

AREAS OF COVERAGE

Bay area Industrial Market summary

Northern California Industrial Report

Vacancy Rate (%) availability (sF)

Region/use Inventory (sF) overall Direct sublease overall Direct sublease Net absorption (sF)

average asking Rate ($)

south Bay - IND 50,647,076 7.9% 7.5% 0.4% 3,990,266 3,796,016 194,250 (325,355) $0.63Greater sacramento Region - IND 152,522,952 18.8% 18.0% 0.8% 28,709,641 27,438,999 1,270,642 566,251 $0.28Tri-Valley - IND 9,745,484 16.7% 15.2% 1.4% 1,625,527 1,485,555 139,972 61,522 $0.62I-880 Corridor - IND 58,863,654 6.7% 6.3% 0.4% 3,922,735 3,963,905 228,830 141,759 $0.42North I-680 - IND 24,774,151 10.5% 10.2% 0.2% 2,587,734 2,530,058 57,676 93,912 $0.70INDusTRIal ToTal 296,553,317 13.9% 13.2% 0.6% 41,105,903 39,214,533 1,891,370 538,089 $0.37

south Bay - WHs 35,360,827 11.6% 11.1% 0.6% 4,105,042 3,909,347 195,695 (291,815) $0.43Peninsula - IND/WHs 39,976,891 10.8% 9.9% 0.9% 4,322,008 3,968,408 353,600 49,828 $0.75Tri-Valley - WHs 10,468,408 18.3% 14.7% 3.6% 1,916,381 1,541,729 374,652 65,510 $0.41I-880 Corridor - WHs 68,750,314 11.8% 9.7% 2.0% 8,084,206 6,690,039 1,394,167 (213,936) $0.36North I-680 - WHs 28,344,659 17.8% 14.4% 3.4% 5,050,817 4,085,518 965,299 (6,864) $0.42WaReHouse ToTal 182,901,099 12.8% 11.0% 1.8% 23,478,454 20,195,041 3,283,413 (397,277) $0.37

south Bay - R&D 145,315,127 19.0% 16.6% 2.4% 27,563,643 24,127,587 3,436,056 (727,871) $0.91Tri-Valley - R&D 4,322,197 20.4% 18.6% 1.8% 883,213 803,841 79,390 55,848 $0.95Peninsula - R&D 18,468,143 13.6% 8.9% 4.7% 2,515,082 1,649,896 865,186 122,538 $2.14I-880 Corridor - R&D 28,086,948 24.7% 22.2% 2.5% 6,944,647 6,241,193 703,454 (71,786) $0.78North I-680 - R&D 4,749,854 21.2% 21.0% 0.2% 1,006,988 998,998 7,990 17,672 $0.86R&D ToTal 200,942,269 19.4% 16.8% 2.5% 38,913,591 33,821,515 5,092,076 (603,599) $0.97

ToTal - all uses 680,396,685 15.2% 13.7% 1.5% 103,497,948 93,231,089 10,266,859 (462,787) $0.59

Peninsula• Belmont• Brisbane• Burlingame• Daly City• Foster City• Menlo Park• Milbrae• Redwood City• Redwood Shores• San Bruno• San Carlos• San Mateo• South San Francisco

I-880 Corridor• Fremont • Hayward• Newark• Oakland• San Leandro• Union City

south Bay• Campbell• Cupertino• Fremont• Los Gatos• Milpitas• Mountain View• Newark• San Jose• Santa Clara• Sunnyvale

North I-680• Concord• Martinez/Pacheco• Pleasanton Hill• Antioch• Pittsburg• Benicia• Fairfield/Cordelia• Vacaville• American Canyon

Greater sacramento• Downtown Sacramento• Natomas• West Sacramento• South Sacramento• Power Inn/Florin• 50 Corridor West• 50 Corridor East• Carmichael/Citrus Heights• McClellan/Hwy 80• Roseville/Rocklin• Folsom• El Dorado Hills• Woodland/Davis• Elk Grove/Laguna

Tri-Valley• San Ramon• Dublin• Pleasanton• Livermore

John Fondale


Burger King and a Taco Bell for a little more than $3 million combined. The Burger King is paying an 8% Cap Rate while the Taco Bell is closer to 7.6%, according to Pappageorge.

Why arizona? Better yields, said Pappageorge.

“The land cost is lower in arizona. similar properties in California would at best yield 7% and probably not even that,” he said

Background: apartments are great due to the fact that they have short term leases (usually 12 months) and rents can be increased according to market conditions quickly and often. This increase in rents leads to an increase in value. as a result apartments are a great way to create wealth. However, this upside comes with a catch; the catch is that apartments demand a great deal of work and attention; much more than any other asset class (with the exception of Hotels). Basically, to buy an apartment building is buying a job; you can do the work yourself and make more money or you can hire other people to do the work and make less money; either way the work needs to get done. Most owners understand this and are fine with this when they are young, energetic, and have the time. However, as the owners get older and tired so do the buildings and the idea of

managing an apartment complex becomes more work then they remember. Meanwhile their building has appreciated in value considerably and their return on their equity might not be as hot as it once was.

NNNs are the other side of the commercial spectrum from apartments and require little to no management. NNNs are a commercial investment and

qualify for a 1031 exchange out of apartments. NNNs have long-term leases (usually 20 years plus extensions) fixed rent with bumps as dictated by the lease. The NNN lease puts all of the expense and maintenance responsibility on the tenant (taxes, insurance, maintenance and repairs etc) and the owner basically rents the building or land to the tenant. The upside is smaller due to the long leases and small rental increases, however the trade off is less management involvement.

Bull Market in apartments

Meanwhile, there is a bull market in rental housing nationwide.

Apartment rents have increased nationally for five consecutive quarters and now average $991 in the u.s., compared with $930 in 2006, and rents are expected to rise to about $1,025 by 2012, according to Reis, Inc. The national apartment vacancy fell to 6.2% during the first quarter of 2011, versus 8% a year ago. and strong demand should continue, with job growth expanding and would-be homeowners continuing to hesitate about buying. Demographic trends are also favorable – roughly 3 million young adults have been living with family during the past five years, according to data from the most recent Census. eventually, most of those young adults will seek rental housing.

The outlook for renters is expensive. analysts expect apartment vacancies to shrink and rents to rise all the way through 2013 as the economy recharges and the labor market improves. The cities where renters have little haggling room are on the coasts, including san Jose, san Francisco, los angeles, seattle, New york, Washington and Boston. New supply in these areas is low and the local economies are adding jobs.

Multifamily Snapshot

san Francisco-based MacFarlane Partners has acquired the former WinCup manufacturing plant in Corte Madera with plans to build 180-apartment homes and up to 10,000 square feet of retail on the 4.5-acre site, according to Cornish & Carey Commercial Newmark Knight Frank Senior Vice President Haden Ongaro. agents from Ongaro’s Larkspur office – Mike Lieberman, Jerry Angel and Jay Cross – represented the seller, JMH Assets, LLC of Newport Beach, Ca and buyer, MacFarlane Partners. Terms of the transaction were not disclosed.

The property is located at 195-205 Tamal Vista Blvd. just west of Highway 101 and south of the lucky Drive exit. The Town of Corte Madera has approved rezoning the site to allow for a three and four-story multifamily development with up to 10,000 square feet of ground floor retail space. Ten percent of the apartment homes are to be set aside as affordable units. The development will be the first major predominately market rate multifamily development in southern Marin County in more than 30 years.

Development timing has not yet been released by MacFarlane Partners. “While the design is still in progress, based on MacFarlane’s reputation, we anticipate the development will incorporate some the best elements of smart growth and new urbanism. Future residents will enjoy stunning views of Mount Tamalpais and benefit by its outstanding Corte Madera location,” said Jay Cross, vice president in the apartment advisors practice unit of Cornish & Carey.

The site is nine miles north of the Golden Gate Bridge and near ferry transportation to san Francisco at larkspur landing which will ultimately connect with the Marin-sonoma’s sMaRT commuter rail system. Future residents will be able to walk to upscale shopping centers – Corte Madera Town Center and The Villages of Corte Madera, and will also have easy access to the walking trails of Mount Tamalpais. For more than 40 years, foam cup manufacturer WinCup leased and operated a plant at the site, which was visually recognized by travelers on Highway 101 for the consistent plumes of steam emitting from the plant’s water-cooling condenser. stone Mountain, Georgia-based WinCup recently shuttered the facility and relocated manufacturing to another state.

apartment owners Trading for Triple Net Deals

Anthony Pappageorge, a sales associate in the emeryville office of Cornish & Carey Commercial Newmark Knight Frank, has created a niche of representing apartment sellers’ trade into triple net-leased properties (NNNs). “The basic premise behind owners selling apartments and going into NNNs is to reduce management headache/involvement and increase cash flow,” says Pappageorge. In March, Pappageorge represented Russ and Diane Michelson, Moraga residents in their 60s, sell a 12-unit apartment building in Walnut Creek that they had owned for 13 years. using a 1031 exchange from the sale, the Michelsen’s bought two net-leased properties in arizona – a

Future residents of the upscale apartments planned for the former WinCup site will enjoy incredible Mt. Tam views

Cornish & Carey Commercial Newmark Knight Frank Facilitates sale of Corte Madera WinCup site to MacFarlane Partners

180 apartments and ground floor retail planned for former manufacturing plant near Highway 101

Anthony PappageorgeMike Lieberman Jay CrossJerry AngelHanden Ongaro

PRoDuCeD By CoRNIsH & CaRey CoMMeRCIal NeWMaRK KNIGHT FRaNK MaRKeTING and MaRsH MaRKeTING

all information contained herein has been given to us by the owner(s) of the property or by other sources we deem reliable. We have no reason to doubt its accuracy, however we do not guarantee it.

© CoPyRIGHT 2011. all RIGHTs ReseRVeD.

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