Kenneth Rosen News
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Residential construction is being held back in California by a lengthy permitting process, not a shortage of financing, Bank of America Corp. Chief Executive Officer Brian Moynihan said today.
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The U.S. office sector will be the slowest to recover as companies absorb empty space and advances in technology reduce the need for square footage, said Kenneth Rosen , a professor at the University of California, Berkeley.
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A surge in wealth from technology stock sales and initial public offerings is spilling into the Silicon Valley real estate market as newly rich workers bid up home values in suburban cities south of San Francisco.
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Frank Fudem, a San Francisco broker for office tenants, realized that rents in the city were about to spike as Twitter Inc. agreed to move to a gritty neighborhood and leasing by technology companies started to accelerate.
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Trophy office towers are for sale across the U.S. as landlords from Seattle to Atlanta offer properties to investors seeking higher returns in second-tier cities where rents are beginning to rise.
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San Francisco office-building sales may exceed $5.3 billion this year, the most since the market peaked in 2007, amid a technology-fueled rent surge that shows no signs of slowing.
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San Francisco’s office market is rebounding after record space cuts by banks, buoyed by technology companies including Twitter Inc. and Salesforce.com Inc. that may lease as much as 7 million square feet this year.
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Rebounding technology stocks and limited housing supply are lifting San Francisco real estate as buyers compete for properties and drive up prices.
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A San Francisco office building may sell for about $185 million, resulting in the city’s highest per-square-foot price since the 2007 commercial peak as demand from technology firms pushes rents up.
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The U.S. commercial real estate market has slowed in the past three months as the sputtering economy and a pullback in debt financing limited deals, cooling a recovery from Washington to California.
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