Downtown San Rafael has a combination of many sized and qualities of buildings. In terms of office space you have some of modern “Class A” construction and as well as space in two story, 100 year old, retail buildings and every-type in between.
I use this example to touch on how our regional market has made room for smaller size tenancies over the years even as newer buildings and developments soak up demand from larger companies needing tens of thousands of square feet of space.
Pictured here is the 8 story, class A , Courthouse Square building built in 1975 on the site of the old county building that was replaced with the Frank Lloyd Wright Civic Center complex 5 miles north in the Terra Linda portion of san Rafael,
There were 5 or 6 other office buildings built in this of this era. They are 3 to 5 stories high but still “Class A” construction. It wasn’t till the 2000’s that another wave other large high quality buildings were built. (see Marin Biotech)
Courthouse Square has maintained relatively high occupancy over its history. Much of it’s space is divided into 1500 to 4000 foot suites that stay full with local law firms and financial companies that are very common to Marin and often serve far larger geographic areas, even nationally from their small suites. Those sorts of floor divisions are great for maintaining high occupancy rates in our small market but the lack of audited financials and increased number of transactions per square foot can drive large property owners like insurance trust funds crazy. That sort of tenant is an opportunity for a smaller real estate operation who is comfortable leasing to individuals without public audited balance sheets and the like.