Looking Forward: The East Bay CRE Market in 2022 BOMA OEB Advocacy BOMA leaders were busy advocating for our association at the BOMA International Winter Business Meeting & Issues Conference. (See pages 5-7.)
Member Profiles Learn more about Principal Member Tanicia Jackson and Associate Member Mike Herold. (See pages 8 and 9.)
March Mixer
Live networking! (See photos page 11.)
Holiday Merriment BOMA members celebrated live again at the 2021 Holiday Party. (See page 15.)
Although the office market has been “pummeled,” COVID has not destroyed it. That is one of the conclusions from BOMA OEB’s January program, entitled “Looking Forward: The Commercial Real Estate Market in 2022.” Attendees were eager to hear experts share their perspectives on the East Bay office, industrial, retail and life science sectors. New BOMA President Jenna Hattersley greeted an online crowd of more than 80 participants for an outlook on the latest trends in leasing, tenant relations, vacancies and more. For the commercial office market, “the outcome is a little better than expected with a 14% vacancy in the Tri-Valley,” reported Collier’s Executive Vice President Chad Arnold, whose market is the 27 million square-foot Tri-Valley office market (Walnut Creek to San Jose). In addition to Arnold (commercial office market), speakers and their sectors included: Robert “Bob” Ferraro, CBRE (industrial market); Tammy Cho, Goldman Limited (retail market); and Peter Conte, Transwestern (life science market.) Some highlights are below. If you missed the program, you may access the recording and slides in the Online Learning Center of the BOMA OEB website. Tri-Valley Office Vacancy Remains Flat, Uptick in Satellite Offices Arnold noted that market activity in the Tri-Valley improved about 5.4% year-to-year with 240K square feet of new deals in this market. Even with new deals, the market-wide net absorption was negative 128K square feet. Asking rates reportedly went up slightly, especially for Class A office space. Arnold remarked that “a lot of what is driving this is that deals are becoming more expensive.” Due to inflation, build-outs are more costly with higher costs of construction and materials. Arnold is “not bullish” about the office market in 2022. He foresees that it may rebound a little, but companies are nervous and watching what big companies like Google and Apple are doing. (Continued on page 13)
2 President’s Corner by Jenna Hattersley 2022 has already proven to be a challenging year with the Omicron variant’s rapid spread, which has heavily impacted schools, hospitals, and unfortunately the return to office that the CRE industry is anxiously awaiting. Our industry continues to feel the effects of the pandemic as leasing activity remains slow and tenant demand is down. Landlords are competing for tenants with free rent and large tenant improvement allowances. Although the office sector remains challenging, life science, medical, and industrial sectors remain strong with the lab sector continuing to outpace new space in the East Bay. We remain hopeful that tenants will return to the office, with COVID restrictions beginning to loosen in Q1 of 2022. And now for some good news! I attended the BOMA Winter Business Meeting & National Issues Conference in
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Washington, DC in February. It was my first time attending the event, and it allowed me to understand the structure and roles of BOMA International, the officers, executive committee, and the committees that make up BOMA International. It was great to be in person and meet other BOMA officers, BOMA Association Executives (BAEs), and BOMA International officers and executive committee members. I attended several of the BOMA International committee meetings, the keynote luncheons, Board of Governors, and BAE sessions. One of the key issues that we discussed in the BAE Sessions was retaining employees and recruiting people into our industry given the evolving workforce. For years, the commercial real estate industry has been discussing the labor shortage, and the pandemic has intensified this issue. The pandemic has changed the way we work and the wants and needs of employees, which includes things like flexibility, remote work, recognition, and compensation that values their contribution. These are items that typically have not aligned with commercial real estate. We discussed that to compete for top talent, we as an industry need to be nimble and rethink our legacy mindset when it comes to the workforce and come up with creative staffing solutions to stay relevant. In addition, we learned about the three key advocacy issues facing CRE for 2022: carbon reduction planning, the Green Energy Loan Enhancement Act, and workforce development. In the past, the local associations have had the opportunity to meet with representatives and senators in their offices. However, due to COVID restrictions on Capitol Hill we met with them virtually. It was a great lesson in lobbying and forced us to understand the advocacy issues that we discussed with our members of Congress. It was a very fun event, and it was great to be in DC. We had some downtime and toured the Washington Monument and Martin Luther King Monument. The Martin Luther King Monument was very cool. Read more about our trip and our legislative activities in Julie’s column on page 5 and the articles on pages 6 and 7. I look forward to seeing you at an event soon! Hattersley is BOMA OEB President and Operations Director at Harvest Properties.
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Slow and Steady... By Julie Taylor, CAE, Executive Director, BOMA Oakland/East Bay This year didn’t start as we expected, with Omicron causing our events to go virtual again. We hope to be back to live education and luncheons in April. Until then, we’re holding some smaller in-person events like the Member Mixer on March 9. Get your golf clubs ready, the Walter Finch Spring Golf is back on April 4 at Round Hill Country Club. Be sure to sign up early for these events, as they’re likely to sell out. DC is the hub of hisAre you new to the industory and advocacy. We try or have any new staff? Be learned about the three sure to get them involved in our key advocacy issues facBackpack to Briefcase Sessions. ing CRE for 2022; carOur first session on February 23 bon reduction planning, covered reading leases. Future the Green Energy Loan sessions will cover reading plans, Enhancement Act, and certificate of insurance, and workforce development a mechanical tour in the Fall. (see the flyer on page 6). These sessions will give you and Top photo: Liz Despins, BOMA OEB VP; Jenna Hattersley, The advocacy presenyour staff an opportunity to learn BOMA OEB President; Manny Moreno, BOMA International tations included one led and network with peers. Executive Committee member; and Julie Taylor, BOMA OEB by Maria Vargas with the Executive Director; at the welcome reception. Lower photo: Every two years BOMA Zoom meeting with representativeness on Capitol Hill. Department of Energy. International holds its Winter She debuted the DOE’s Business and National Issues Conference in Washington, Better Climate Challenge that will be rolling out soon. The DC. Jenna Hattersley, BOMA OEB President; Liz Despins, DOE’s challenge is not prescriptive. Instead, it will include BOMA OEB Vice President; Manny Moreno, BOMA OEB resources from the national labs, resources, and collabPast President and current BOMA International Executive orative opportunities for participants to learn from each Board Member; and I participated in the event in early other. Look for more information soon. February. It was a great event that brought together In years past, we were able to meet with our represenBOMA leaders and professional BOMA staff from across tatives and senators in their offices. Unfortunately, due to the U.S. and Canada. Omicron it was not possible this year. We didn’t let that stop It was such a welcome change to meet with BOMA us! We had two Zoom calls with Representatives McNerney Association Executives (BAE)s in person. Noelle and I’ve and DeSaulnier while we were in the District. We also met been participating in nationwide BAE meetings via Zoom with the offices of Representatives Lee and Swalwell when since March 2020. Fellow BAEs and their staff bring us we returned. BOMA International tweeted about out meeta wealth of knowledge and experience. I was selected ing! Be sure to follow BOMA OEB on Twitter, Instagram to join the BAE Council last Fall. This is a four-year role, and Facebook to get updates as they happen. like those of your BOMA OEB officers. I’m currently As with anything BOMA, we had some fun, too! Secretary/Treasurer. I’m getting so much info and love Manny led us on a great tour of the monuments—from being a voice for BAEs with the BOMA International staff going to the top of the Washington Monument to the and officers. The BAE speakers were great, and Jenna Martin Luther King Monument. (See more coverage of and Liz were able to attend them, too! We had two great the conference and legislative priorities on pages 6-7). speakers, one on communications and one on stress and I look forward to seeing you at an event soon! DEI. They provided us with tools we’ll be able to use.
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2022 LEGISLATIVE PRIORITIES
117TH CONGRESS, SECOND SESSION Throughout 2021, BOMA International saw a number of significant legislative wins on many of our key issues and made great strides in expanding a presence and amplifying the voice of the commercial real estat e industry on Capitol Hill. There is still work to be done as we move into the Second Session of the 117th Congress. The 2022 National Issues Conference will focus on the following legislative initiatives, identified by our Government Affairs Committee as some of the industry's most pressing issues.
THE ISSUES Carbon Reduction THE ASK: Avoid blanket mandates and work with CRE to support meaningful and achievable carbon reduction policy
Green Energy Loan Enhancement Act THE ASK: Urge your member of Congress to co-sponsor this piece of legislation.
Workforce Development THE ASK: Continue to support workforce development policy and funding through the 117th Congress.
The commercial real estate industry has an important role to play in identifying and supporting solutions that effectively address carbon emissions in an economically responsible manner. As emissions-related government mandates have varied greatly in structure and effectiveness, the commercial real estate industry is committed to identifying carbon policy that is constructive and achievable. BOMA International, in collaboration with our global affiliates, is currently working to develop a "green framework" that could address carbon reduction strategies.
Sponsored by Rep. Jason Crow (D-CO-6), the Green Energy Loan Enhancement Act proposes an increase to the borrowing cap for loans granted through the Small Business Administration's (SBA) 504/CDC Loan Program for energy efficient building upgrades, renovations, and retrofits. The SBA caps most loans at $5 million. However, certain projects that increase the energy efficiency of buildings and/or meet energy reduction goals may qualify for a loan up to $5.5 million, an expansion of $500,000. This legislation will expand the loan cap for energy efficient upgrade and enhancement projects from $5.5 million to $10 million.
BOMA International is engaged with the U.S. Department of Labor (DOL) to establish and build out the curriculum for a national Commercial Real Estate Industry Registered Apprenticeship Program. There are no federal programs currently in place with the sole purpose of developing a commercial real estate workforce certified to fill both existing and emerging industry jobs. Without programs in place to identify and develop industry talent, there will be significant negative impacts to the direct jobs within the industry, as well as the CRE-adjacent entities utilizing commercial office space to conduct their business.
For further information, contact Pearce Crosland, Director of Federal Affairs, at PCrosland@BOMA.org
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Take-Aways from the Winter Business Meeting
To kick off the WBM, BOMA International’s Executive Committee (of which I am a member), met to continue its discussion, planning and implementation of the strategic plan refresh. This work started during last year’s Annual Conference & Expo. The committee continues to fine-tune the plan and has narrowed its areas of focus to three main topics: Education and Training; Workforce Development; and Membership, Communications, Local Associations/BAEs. As this process evolves, more information with be shared our members. The goal is to have a revised strategic plan in place by this summer’s Annual Conference & Expo. Other highlights from the WBM included: u With the help of PPP loans and better results in sponsorships, BOMA 360 building registrations and MOB conference registration, the 2021 business plan outperformed the original budget. u BOMA International will be working with Brightline Strategies under a grant from Yardi to conduct its third annual national tenant study in March, with results early in the spring. u In partnership with BOMI, BOMA International is launching a new online training course on ESG (Environmental, Social & Governance). The course is being piloted and will be available by summer. u The Nominating Committee is interviewing candidates for eight seats on the 2022 Executive Committee. Please encourage exceptional Emerging Professionals you know to interview for the EP seat. Contact Luci Vallejo on the BOMA staff for information. — Manny Moreno, BOMA International Executive Committee member, PJMB Commercial
I was so honored to represent BOMA Oakland/East Bay at the Winter Business Meeting & National Issues Conference in Washington, DC in February. Jenna Hattersley and I were able to attend several of the BOMA International Committee meetings. The BOMA Association Executive (BAE) sessions that we attended with Julie really showcased the work that our BAEs put into our local associations. It was wonderful to see how they collaborate first-hand. I was also able to attend the business meeting for the Diversity, Equity & Inclusion Committee. I was impressed to learn about the initiatives that BOMA International is taking to be a more inclusive and diverse organization. There was also exciting news out of the Awards Committee. Updates were provided on the rollout of the new TOBY platform, which includes partnering with
the BOMA 360 program. These changes will be a positive addition to the TOBY awards. Despite not being able to meet in person with our representatives in their offices on Capitol Hill, it was a valuable experience to be able to virtually discuss some of the more pressing CRE advocacy issues that our industry is facing. I was impressed with their willingness to engage on the issues and provide support to our industry. I was able to discuss BOMA International’s initiative to engage the U.S. Department of Labor in developing a CRE Apprenticeship program to address the workforce development that our industry so urgently needs. Julie and I were able to share with our local representatives the work that the CREATE program has already done here in the Bay Area. Overall, the conference was informative, engaging and, as always, fun! To be surrounded by so many of the leaders in our industry, from all over the country, was truly a unique experience. — Liz Despins, Vice President BOMA OEB, Newmark
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Principal Profile
Tanicia Jackson, General Manager TMG Partners, 2201 and 1330 Broadway
TMG Partners General Manager Tanicia Jackson, who oversees 2201 and 1330 Broadway in downtown Oakland, says she “is looking forward to a very exciting year at both projects with increased physical tenant occupancy, newly planned amenity improvement projects and welcoming Twitter to 1330 Broadway, which it expects to occupy by August of this year.” She manages capital improvement and construction projects and leads property teams in the buildings’ operations. Jackson also chairs TMG Partners’ DEI Committee and works closely with the VP of Property & Asset Management on the overall leadership of the property management operations and implementation of company standards. Connecting personally with her team is especially rewarding. “Having started with TMG at a climax point of the pandemic, I initially had to develop relationships with my team virtually,” she notes. “It was challenging, but we’ve all managed to support one another professionally while also developing what I hope will be lifelong connections. I consider my TMG team to be extended family.” As a new BOMA OEB board member, Jackson’s overall objective is to contribute to the success of the organization through promoting inclusivity. “My goal is to help create an environment where Tanicia Jackson all people feel included and validated that their opinions and contributions matter,” she says. “Board membership offers an opportunity to create this kind of change. As a CRE professional in Oakland/East Bay over the past decade, I have been supported by BOMA OEB, and I’m motivated to initiate sustained positive impacts by giving back to the organization and the OEB CRE community at large.” Jackson is also serving her first year as Board President for the Downtown Oakland District Association, which provides supplemental cleaning and safety programs for downtown businesses and residents. “I have actively participated as a board member since its inception in 2009, and I look forward to leading and cultivating partnerships with community members outside of the properties that I manage,” she says. Off-hours, Jackson enjoys activities with her two daughters and eight year-old son, an amazing basketball and football player.
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Associate Profile
Mike Herold, Director of Business Development, DRYCO
Director of Business Development Mike Herold enjoys working with DRYCO’s commercial customers on paving maintenance and other services that keep their properties freshly maintained and in compliance with ADA requirements. “As the largest pavement maintenance contractor in the Bay Area, DRYCO also provides concrete, fence and iron work, slurry, seal coat, striping and ADA services,” Herold says. “Our customers love working with us, and we have become their one-stop shop contractor.” As a commercial contractor, DRYCO’s range of services include paving site development, new construction, and removing and replacing pavement. The hardscapes company can engineer a whole project, including speed bumps, sidewalks, wheelchair ramps and patios, all with properly engineered drainage for the longevity of its customers’ investment. DRYCO continues to innovate with additional services to meet the needs of its customers. “In 2020, we added a slurry division to our list of services, along with investing in our fencing division,” Herold added. Mike Herold Since the company’s service region includes the Bay Area, the greater Sacramento area and the Central Valley, Herold is involved with a number of committees and activities with BOMA Oakland/East Bay, BOMA Silicon Valley and BOMA Sacramento. At BOMA OEB, he lends his marketing expertise to the Marketing Workgroup and the Strategic Advisory Council. Herold earned a degree in journalism from the University of Nevada, Reno. He adds, “I am currently the 2022 BOMA Silicon Valley Associates Chair and a member of the membership and golf committees. For BOMA Sacramento, I serve on the Allied Steering Committee. Being on these committees provides opportunities to make things happen.” Away from the office, Herold is an enthusiastic coach for the little league teams of both his boys (Ben 7 and Nolan 4). Another passion is golf. “I enjoy golf almost too much, but it’s such a great sport. I will never quit playing golf — don’t tell my wife, please!” He also serves on the Pacifica American Little League Board.
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11 March Madness Mixer BOMA members enjoyed in-person networking at a sportsthemed mixer at Sauced in Walnut Creek on March 9.
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13 Looking Forward
(Continued from page 1)
There is growth in satellite offices in the East Bay, as well as life science activity in Pleasanton. Satellite offices were first driven by COVID, then companies and employees realized advantages and the lower costs of suburban locales. Long term Arnold predicts that: “Cities will come back. People are social animals and like to work in offices, where they are more productive.”
is leasing in the retail sector? The following are strong: medical services (such as One Medical), local kitchens, plant shops (shown to generate lots of street traffic) and personal services such as salons. Also emerging is a sort of hybrid retail — click to brick e-commerce companies are opening stores as a part of the sales channel so that customers may have a touch-andfeel experience when shopping for items like bedding and Industrial: Strong Demand and Absorption clothes. Sustainability is a focus, as consumers demand Ferraro of CBRE reported a changing demand transparency in packaging and energy use. Also, people are in the industrial sector in the East also buying more vintage goods. Bay. While the market was once Malls are adapting and will dominated by warehousing, it is continue to renovate and modernize moving toward third-party logistics, for live/work/play. “Retail has its e-commerce and life science. Amazon challenges, but will be resilient,” has a huge presence in the East Bay. Cho predicted. New players such as life scienceHattersley noted that we need related companies are expanding retail to bring people back into the from the Peninsula and the South office and vibrancy to neighborBay and absorbing new product. hoods. Cho remarked that “landlords Their rents drop when they come The growth in e-commerce is changing are more willing to do warm-shell to the Easy Bay. There is also a big the make-up of the industrial sector. amenities to bring (retail) tenants back.” push, especially along the 880 corridor, Life Science Sector Demand at New Heights for electric and autonomous vehicle companies. Transwestern’s Conte said that life science is “the hottest The market is changing. Ferraro sees “a big future sector in real estate.” The demand in the Bay Area is higher look for the East Bay as more tech-related and life than ever. science-related companies” move to the area. Why? The Bay Area receives record-setting venture The supply is scarce in the East Bay in the industrial investment in biotech and healthcare, and there is a lot more sector. In 2022 there are 3-3.5 million square feet of product coming up, with another 2.2 million expected in 2022. NIH (National Institutes of Health) funding. The trend is New product in the construction pipeline is mostly “just in its infancy,” he noted. It will permeate many sectors. leased before or within 90 days of completion. “We will see There is huge demand for real estate, and life science rents increase dramatically,” he said. CBRE expects rents in companies are moving to the East Bay. However, not every the sector to jump 40% over the next four to five years in office building can be converted to life science use. These the Oakland MSA, as the demand continues to be reshaped. tenants need more power, higher ceilings, 24/7 buildings, The trend line shows higher costs pushing higher values and sterility and special air handling and plumbing. In addition, higher rents. loading areas must be equipped to handle temperatureRetail: It’s All About Location and Street Scenes sensitive deliveries. “Pedestrian-friendly neighborhoods are doing well,” Yet the “biggest hurdle is bureaucratic,” Conte said. noted Cho of Goldman. Walkable neighborhoods are faring Zoning is antiquated, and some possible “good clusters” better than the city centers. Smaller footprints are a trend, are not zoned for this use. with less need for inventory storage due to e-commerce. Companies are “land-grabbing” now, and Conte is Parking is essential, and outdoor restaurant seating is very bullish on the life science sector. The challenge is finding desirable. For East Bay retail/restaurant street corridors, the space that is functional. Some cities are more welcoming, data for 2021 “show an upswing in brick and mortar.” including of Emeryville and Fremont. Berkeley is less so. There is also evidence of creativity in the rent structures, Vacaville is expanding in the sector and is attractive due to with pop-ups and short-term leases being negotiated. Who its proximity to UC Davis and UC Berkeley. n
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Winter Wonderland Holiday Party BOMA members celebrated at a Winter Wonderland-themed party at The Rotunda on December 9. At left: Gail Ringer, RiverRock Real Estate Group; Scott Kirkpatrick, Cushman & Wakefield; Andrea Kirkpatrick, Kilroy Realty; Sue Rinetti, ABM; and Mark Kelly, ABM/ABLE.
Above left: Nancy Le, Transwestern; and Alisa Orris, TMG Partners. Above center: Carol Leytem, Rossi Builders; and Mike Carrillo, Security 101. Above right: Chris Nyberg and Jeannie Nyberg, American Asphalt.
At right: Alissa Hall, Century Commercial Service; Kelly Lynch, Overton Moore Properties; Julie Cai, Wareham Development; and Lucinda Alipio, KGIP.
Photos: Olivia Smartt Photography.
BOMA Oakland/East Bay 436 14th Street, Suite 1216 Oakland, CA 94612
510.893.8780 www.bomaoeb.org
March 24 – Workforce Development and CREATE (virtual session)
May 12 – Luncheon: DEI and CRE
April 4 – Walter Finch Invitational Golf Tournament at Roundhill Country Club
June 9 – Education: Water Restrictions and Conservation
April 4 – Fred West Memorial Wine Tour in Livermore Valley
June 23 – Summer Community Outreach Event
May 19 – Reverse Trade Show
Visit www.bomaoeb.org for updates and registration information.
BOMA 2022 International Conference in Nashville The 2022 BOMA International Conference will be held on June 25-28 in Nashville, with the theme “Now We Move Forward.” It’s time to reimagine commercial real estate! Get energized with the BOMA keynotes, featuring well-known leaders in and outside the world of CRE. Gain insights from today’s foremost experts and discover cutting-edge innovations that will elevate your buildings above the rest. See www.bomaconvention.org
