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Marin County hotel property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| UNITED STATES DATA | Total | Change From 2019 |
|---|---|---|
| Occupancy | 62.70% | -4.90% |
| ADR | $149.00 | 13.6% |
| RevPAR | $93.27 | 8.10% |
Analysis By WPA 2023
Data By STR, TE, February 3, 2023 (Published), As of December 31, 2022
2022 Year End Indicators
* Uneven, non-linear recovery across industry segments.
* Overall construction pipeline activity is down. Some December 2022 growth in construction is seen.
Marin County retail building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking NNN Rent | |
|---|---|---|---|---|
| North Bay | 3.37% | 5.06% | 27,980,368 | $25.55 |
| East Bay | 6.27% | 8.58% | 52,504,697 | $30.56 |
| West Bay | 5.26% | 5.92% | 12,809,448 | $45.79 |
| South Bay | 4.83% | 6.08% | 38,179,947 | $35.91 |
| Total Bay Area Retail Market | 5.14% | 6.85% | 131,474,460 | $32.75 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
The largest Cities in Marin County by population include: San Rafael, Novato, Mill Valley, San Anselmo, Larkspur, Tamalpais, Corte Madera, Fairfax, and Sausalito.
Marin County office property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking Rent | |
|---|---|---|---|---|
| North Financial | 28.0% | 32.3% | 27,180,161 | $76.43 |
| North Financial Class A | 24.4% | 28.5% | 21,071,009 | $80.14 |
| South Financial | 24.8% | 33.5% | 25,426,810 | $80.07 |
| South Financial Class A | 23.4% | 32.9% | 22,685,361 | $81.99 |
| Union Square | 28.3% | 29.0% | 3,819,199 | $61.81 |
| Union Square Class A | 56.3% | 56.3% | 401,944 | $73.31 |
| Total San Francisco Class A | 27.1% | 33.7% | 59,567,614 | $81.21 |
| Total San Francisco Market | 29.4% | 35.0% | 86,955,801 | $75.17 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Neighborhoods included in this market include North Financial District, South Financial District, North Waterfront/Jackson Square, South of Market, Yerba Buena, South of Market West, Mission Bay / China Basin, Potrero Hill, Civic Center / Van Ness Avenue, and Union Square.
Marin County is located south of Sonoma County, west of the San Francisco Bay, opposite Contra Costa and Alameda Counties, and just north of San Francisco, to which it is connected by the Golden Gate Bridge. The largest city in Marin County by population is San Rafael.
The Marin County office market trends are influenced by and reflected in San Francisco office market leasing activity. San Francisco in 2023 may be awarded the dubious crown for leading the state in negative net absorption. Total office availabilities reached a staggering 35.0%, of which 33.7% was for Class A space. Direct vacancy was 29.4%, and Class A space was only slightly lower at 27.1%. Of the total Class A inventory in the market at 59,567,814 SF, the negative absorption in the first quarter alone was 1,513,687 square feet, which comprised nearly all of the negative absorption for the quarter (96.6%).
Negative absorption has become a rapidly rising trend in The City. By comparison, we note that the Greater Los Angeles office market is well over double the inventory of the San Francisco market, and yet negative absorption in square feet is higher in San Francisco.
The highest availability rates are observed in Class A market segments in the South of Market area and Union Square. South of Market West experienced the highest availability rate for Class A space at 66.4%, followed by Yerba Buena Class A space at 64.2%, and Union Square Class A availabilities at 56.3%. The two largest San Francisco office sub-markets, also with the two largest sets of inventory of Class A space, are North Financial District and South Financial District, running Class A availabilities of 28.5% and 32.9%, respectively.
Trends countywide are of vacancy rising to levels rarely seen, and absorption running negative or nearly negative in most sub-markets. Work from home trends, rising interest rates, and economic adjustments are showing their effects.
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Director, Valuation Services
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