Monday, May 24, 2010
Bank owned commercial office condos
If you are looking to own office space for business use, this is a very good time to be shopping. As was the perfect storm for residential condos that were built in the last 5 years, the same is true of the commercial office condos that were built at the same time. A lot of new product came on line in the last few years - essentially commercial developers created a new type of office building, parceled out to sell as condos. This was a great concept to provide new office space in small sizes so that businesses could buy their own space. The problem was timing. Some of these developments hit the market at $400-$500 per foot. Now developments in Santa Clara county are selling for the $100-$200 per foot range. We are tracking very good deals in Fremont, San Jose, Sunnyvale and Mountain View to name a few.