Autodesk to sublet at least 80,000 sq...

Autodesk to sublet at least 80,000 square feet

There are 14 comments on the Marin Independent Journal story from Feb 23, 2009, titled Autodesk to sublet at least 80,000 square feet. In it, Marin Independent Journal reports that:

Software giant Autodesk is set to sublet at least 80,000 square feet in two San Rafael properties, officials said Monday.

Join the discussion below, or Read more at Marin Independent Journal.

Emily

Novato, CA

#1 Feb 23, 2009
So the pink slips continue.... i wonder how many jobs.. how many families are impacted...

Since: Feb 08

Hana, HI

#2 Feb 23, 2009
Good luck for Autodesk to find any tenants. Just add it to the hundreds of thousands of square feet of office space that has been siting vacant for the last 10 years or more. BUT WAIT ! The main reason that the Sonoma commute train tax was foisted on Marin was to bring all these Sonoma commuters to the booming job center of Marin. WHA HOPPIN ?
I kind of get the feeling that Sonoma county got over on us taxpayers of Marin for their commute trains, and now the money suck continues with the water wars for Marin to build a desal plant so we will relinquish our water allotment of 8300 acre feet per year we now get from the SCWA.
Buck

San Anselmo, CA

#3 Feb 23, 2009
It's a healthy move for Autodesk. They've been getting a bit too rosy with their earnings reports, and this is a reality check. There has been a lot of dead weight and bloated salaries there for years. While I agree with Pulipaca that Marin taxpayers got hosed on the SMART train tax, the fact remains that roughly one-third of the total vacant office space in Marin exists in just two projects...Marin Commons in Terra Linda and the Fireman's Fund building in Novato. The sky is not falling just yet.
Buck

San Anselmo, CA

#4 Feb 23, 2009
Also, perhaps the IJ should also mention that Autodesk has offices in over 100 different cities in dozens of countries.
Staff Report

Oakland, CA

#5 Feb 23, 2009
Ignorant choice of words. I kept reading to find out who was taking over those spaces.

“Avoid Taxes, Don't Work !”

Since: Jul 08

San Jose, CA

#6 Feb 24, 2009
Wait till that new building in SR on 2nd street comes online. Bargain time coming for offcie renters

Since: Feb 08

Hana, HI

#7 Feb 24, 2009
Buck wrote:
It's a healthy move for Autodesk. They've been getting a bit too rosy with their earnings reports, and this is a reality check. There has been a lot of dead weight and bloated salaries there for years. While I agree with Pulipaca that Marin taxpayers got hosed on the SMART train tax, the fact remains that roughly one-third of the total vacant office space in Marin exists in just two projects...Marin Commons in Terra Linda and the Fireman's Fund building in Novato. The sky is not falling just yet.
There is also all the vacant office buildings down on East Francisco Blvd that were built on the landfill, remember the toxic building syndrom at Phoenix Leasing ? Also the first phase of the San Rafael Corporate Center is mostly vacant since it was completed about 10 years ago after the anchor tenent backed out of the deal. Now PG&E occupies a small part of the building. And eventhough the present construction of the Corporate Center was conceived and funded decades ago, why did they go ahead and build it ? Oh well, it creates jobs and spends the San Rafael taxpayers redevelopment money, I guess that helps the economy somehow.
Maybe after the new corporate center sits vacant for a few years, SMART can take over the building and make into transportation communes for the low income commuters.
Buck

Santa Clara, CA

#8 Feb 24, 2009
Corporate Center is about 75% leased at this point. The new buildings will add about 150,000 square feet and the asking rents are silly high. But then, that's what Seagate needs to ask in order to make the acquisition pencil out. The reason they are building now is that they paid a lot of money for that project, and the building entitlements were about to run out. I tmakes more sense to build in this market than to go through another entitlement process with the city which would take years. Oh, and the Phoenix Leasing building (which was poorly built and is sinking) is the only property out on Kerner past Home Depot w/o a tenant. The rest of the buildings on that end of Kerner, save one or two, are mostly or entireley leased up. Most of them are built with a methane barrier in the foundation, so no, toxicity is not a problem.

Since: Feb 08

Hana, HI

#9 Feb 24, 2009
Buck wrote:
Corporate Center is about 75% leased at this point. The new buildings will add about 150,000 square feet and the asking rents are silly high. But then, that's what Seagate needs to ask in order to make the acquisition pencil out. The reason they are building now is that they paid a lot of money for that project, and the building entitlements were about to run out. I tmakes more sense to build in this market than to go through another entitlement process with the city which would take years. Oh, and the Phoenix Leasing building (which was poorly built and is sinking) is the only property out on Kerner past Home Depot w/o a tenant. The rest of the buildings on that end of Kerner, save one or two, are mostly or entireley leased up. Most of them are built with a methane barrier in the foundation, so no, toxicity is not a problem.
Obviously you are very knowledgeable about commercial real estate in Marin, so what is the commercial vacancy rate in Marin now, including all the dead auto dealers, the dead Gateway shopping center, Larkspur Landing, the Village and the old downtown shopping districts. I would take a wild guess at 50 percent vacancy rate overall, what do you say ?, be honest.
Buck

Santa Clara, CA

#10 Feb 24, 2009
Pulipaca: No way, not 50%. Office is at about 20% and industrial is at about 5-7% (there's never enough space for all the prospective industrial tenants out there). Retail, on the other hand has taken quite a hit. It was about 8-10% a year ago, and I would bet that it's now at about 25%. The biggest retail losses being Yardbirds, Evolutions, the old Safeway in Ignacio that hasn't yet been re-tenanted, everyone who was bounced for the NOrthgate Mall rehab, etc... Gateway is hurting, but the anchors (BestBuy, Longs, Outback, Baby's R Us) are still hanging around. The dealerships in question are going to be grabbed by other, more successful dealerships. For example, I hear that Infinity is moving into the vacant dealership next to Toyota on E. Francisco. These are relatively tough times for landlords which means it's a good time to be a tenant.
Neighbor

Santa Clara, CA

#11 Feb 24, 2009
Pulipaca wrote:
<quoted text>Obviously you are very knowledgeable about commercial real estate in Marin, so what is the commercial vacancy rate in Marin now, including all the dead auto dealers, the dead Gateway shopping center, Larkspur Landing, the Village and the old downtown shopping districts. I would take a wild guess at 50 percent vacancy rate overall, what do you say ?, be honest.
Those are retail properties, which have different drivers than the office space Buck spoke about. The end of year 2008 vacancy for Marin shopping centers, excluding the major malls, was approximately 6.1%.
Buck

Santa Clara, CA

#12 Feb 24, 2009
Upon reflection, retail may be more like 15%.
Staff Report

San Francisco, CA

#13 Feb 24, 2009
This may be short lived but I find it interesting that The Village and The Town Center in Corte Madera both have only one vacant space each that has no immediate hope of a tenant.

In the 1990's The Town Center had lots of vacant spaces and The Village just recently was about 30 percent vacant. I find it very odd and am not sure why this is.

What happens to Northgate is really going to be interesting. The Mall was always nice before and it was never even close to being full, ever.

It became a low income shoppers mall and yet now they claim it's going upscale.

No, When your anchors are Mervyn's/Kohl's, Sears, and a middle class Macy's, you are not going to attract upscale stores.

Since: Feb 08

Hana, HI

#14 Feb 24, 2009
Buck wrote:
Upon reflection, retail may be more like 15%.
Thank you for the info. I guess to me it looks much worse than it actually is. I do agree, this a good time to be a tenant if your business is doing good.
I always thought that office buildings and shopping centers were both considered to be commercial real estate.

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