Strong progress seen in Marin commercial real estate recovery
By Janis Mara
New tenants are filling once-vacant Marin storefronts, office buildings and business parks and rents are going up in Southern and Central Marin as commercial real estate continues its recovery from the recession.
Marin vacancies dropped from 22 percent to 18 percent in the third quarter of 2014 compared with the previous year, said Brian Eisberg, senior vice president at Newmark Cornish & Carey Commercial in San Rafael.
“It’s been a fairly rosy year. The market rates have gone up substantially,” Eisberg said. Southern and Central Marin rental rates are now nearly as high as they were before the recession began in 2008, he said.
While these rates have recovered, they are still nowhere near as high as those in San Francisco — a factor that has helped Marin lure tenants from that city, where rents are around $6 a square foot, Eisberg said.
Read Entire Article: Marin IJ
