Jeff Dizon, research analyst at Colliers in San Mateo, says the number of layoffs also has leveled off in San Mateo County. "So we definitely think we're heading toward stabilization of the market," says Dizon, adding that the area's desirable geographic location and attractive demographics have it postured to begin a modest rebound in the near future.
Nonetheless, the situation heretofore has translated into an unprecedented 8.9 million sf of available office space, up from just 325,218 sf in mid-2000, reports Dizon. About 28% of the total available space, or 2.5 million sf, is sublease space.
"Since mid-2000, landlords have been competing with a major infusion of sublease space," Dizon said. "However, with available sublease space shrinking and the most desirable (of such) spaces gone, landlords are slowly beginning to regain control."
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