Mike Sample has joined JLL as executive vice president based in the firm's San Francisco office.
SAN FRANCISCO—As a tenant rep specialist, Mike Sample has represented a variety of tech, venture capital, retail and professional services clients. Prior to embarking on a career in brokerage more than eight years ago, Sample worked in corporate sales at Salesforce, where he focused on Bay Area media and tech customers.
As of late, Sample has joined JLL as executive vice president based in the firm's San Francisco office.
"Mike is a highly regarded tenant rep broker focusing on servicing fast growing technology companies," said Chris Roeder, international director, JLL.
The San Francisco office market is primed for that type of activity. In the third quarter, robust demand for large blocks, supply constraints and increasing construction costs are driving sharp rent growth, according to a recent report by JLL. San Francisco had rent growth of 9.1% quarter-over-quarter and 17% year-over-year.
The quarter ended with a total net absorption of 799,712 square feet, direct vacancy of 4.5%, total vacancy of 5.6%, average asking rent of $92.67 per square foot and rent growth since first quarter 2010 of 176.1%. And, despite the recent news of WeWork halting all new leasing activity, co-working operators to continue to flourish, as the San Francisco markets remain increasingly tight, says the report.
"Strong office demand continues to drive rent growth in San Francisco as tech and other large users look to lock down space," Alexander Quinn, director of research for Northern California, JLL, tells GlobeSt.com. "This, along with supply constraints and increasing construction costs put rent growth in territory not seen since the dot-com boom. However, here's the difference, unlike that cycle, there is only a single 100,000-square-foot block of space available currently and no large block new deliveries are expected until around the second quarter of next year."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
