SAN FRANCISCO-GlobeSt.com has exclusively learned that C&C RiverRock Newmark, a joint venture between RiverRock Real Estate Group and Cornish and Carey Commercial Real Estate, has named 27-year industry veteran, Anne R. Hinz, as EVP. In this role, Hinz will oversee the firm’s property management operations in Northern California which encompasses an eight-million-square-foot portfolio.
Hinz has been involved in property management in the Northern California area in the office, industrial and retail property sectors. Most recently she served as area asset manager and general manager for Paramount Group in San Francisco.
At Paramount, Hinz was instrumental in repositioning One Market Plaza, a trophy, class-A, 1.6-million-square-foot office building. Prior to that, she was branch director and senior portfolio manager for Cushman & Wakefield where she was responsible for the Northern California client solutions group, its portfolio of office, retail and industrial buildings totaling 18 million square feet, and supervising 20 professionals.
“With Anne on board, C&C RiverRock Newmark is even better positioned to grow and flourish in the Northern California marketplace,” explains John Combs, founder and principal, RiverRock Real Estate Group.
Hinz is a member and immediate past president of BOMA and serves on BOMA’s executive board. She is also a member of IREM.
Hinz tells GlobeSt.com that San Francisco ended 2012 as the strongest office market in the country. “The overall vacancy rate for Class A office space in the Financial District shrank to 8% though, interestingly, when looking at all classes, the rate dropped to 7.8% due to demand for brick and timber buildings and open ceilings. Net absorption is anticipated to be one million square feet in San Francisco in 2012.”
She explains that “as local companies vie for creative talent, 2013 is shaping up to be another bullish year in Bay Area commercial real estate.” With the recent news that Kilroy has pre-leased to Salesforce its entire fully entitled 440,000-square-foot building at 350 Mission in San Francisco and that they also acquired the 12-acre DiNapoli site in Sunnyvale for a 587,000-square-foot requirement of LinkedIn, she says that “local professionals are predicting a shortage of big blocks of space for other tenants in the market.”
According to Hinz, “tech users are clearly driving the demand, primarily in San Francisco and the Silicon Valley and, in some cases, their expansion in downtown San Francisco buildings is pushing more traditional office users to Oakland and the Tri-Valley areas of the East Bay, where increasing demand has also lowered vacancy rates in those markets. Owners of these buildings will increasingly look to professional service providers to help maximize their returns and meet their overall objectives as competition for quality product remains fierce.”
Check back to the San Francisco page in the next few days for more on the Bay Area in relation to tech energy firms “being the bright spot.”