By: Ryan Mathews, Marketing Manager, JLL
Major League Baseball’s regular season began this week, and the Bay Area has a lot to look forward to.
On Monday night, the Oakland A’s had their home opener at Oakland Coliseum and narrowly lost to the Chicago White Sox, 4-3. The San Francisco Giants opened the season on the road the same day in Milwaukee winning a thumping 12-3 decision behind the pitching of ace Madison Bumgarner.
Yesterday afternoon, the Giants won their home opener against division rivals, the Los Angeles Dodgers 12-6 thanks to Hunter Pence’s grand slam to left-center field in the bottom of the 8th. Go Giants!
Since we’re in the business of commercial real estate and MLB is built on stats, we have to point out that if the game were played on the basic performance of each city’s Class A office markets, San Francisco should have an easy win tonight against the Dodgers in game two of three.
First quarter asking rents in San Francisco’s Class A office set averaged more than $72 per square foot while Los Angeles’ average office rents were half that at $36.60. (By the way, Oakland would also give LA a run for its money; Oakland rents set a historic high of $51 per s.f. last quarter.)
(Full disclosure: we’re secretly glad MLB isn’t dependent on real estate stats and that they play the game!)