Bay Area Office Development Beginning - 2012 Allen Matkins/UCLA Anderson Forecast

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GET THE SURVEY AT: http://www.allenmatkins.com/amucla.aspx After 3 years of optimism, in this market, developers are starting to take action in developing new properties and filling their development pipelines. We expect new office space construction to begin in the coming 12 to 18 months. In the Bay Area 16% of the panel expressed that they would begin or had an associate who would begin one new project and 9% that they would begin more than one project in the coming 12 months. The optimism in the Bay Area follows the locations of the greatest job growth: in San Francisco and in Silicon Valley. The San Francisco and Silicon Valley Market sentiment is unchanged for rental rates and slightly lower for vacancy rates since the last survey reflecting a slight weakening of demand pressures. The East Bay market sentiment is stronger with respect to rental rates and weaker with respect to vacancy rates.