BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located in South San Francisco, California on January 16, 2025 for a sale price of approximately $8.0 million.

The property consists of one industrial building containing approximately 22,000 square feet on 0.7 acres which is 100% leased to one tenant. The property was purchased by Terreno Realty Corporation on July 10, 2020 for $6.3 million. The unleveraged internal rate of return generated by the investment was 7.5%.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey; Los Angeles; Miami; San Francisco Bay Area; Seattle; and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

Contacts

Terreno Realty Corporation Jaime Cannon 415-655-4580

The San Francisco area saw the most precipitous drop among any large metropolitan area in an annual economic ranking tallying U.S. metropolitan areas' economic trends.

Before the pandemic, the regions of San Francisco and San Jose regularly topped the list, released by the nonprofit Milken Institute, which measures performance based on factors like job and wage growth, economic opportunity and equality, housing affordability and a host of other factors.

The San Francisco area came in 126th in the latest Milken Institute report, a drop of nearly 100 spots in a report that ranks 200 metro areas and 203 small cities across the U.S. The report looked at the most current data available through 2023.

The San Francisco-Redwood City-South San Francisco metropolitan area fell in the rankings in part because of soaring housing costs. It also pointed to tech job losses that crimped growth and opportunity.

“This ranking is a brutal wake-up call for the Bay Area that highlights the urgent need for bold leadership to address housing and other challenges that are eroding our competitive edge, discouraging investment, and pushing talent and jobs elsewhere,” said Rufus Jeffris, a spokesperson for the nonprofit Bay Area Council, a business association made up of hundreds of the region’s largest employers, in an email.

“We simply can’t afford to ignore or deny warning signs like this that are screaming at us that the future of our innovation economy is at grave risk,” Jeffris said, adding top business and political leaders have a responsibility to “restore our region’s rightful place as an economic and innovation powerhouse.”

To give a better sense of change over time, some metrics assessing job growth, wage growth and a few other areas were broken out over a six-year period and also from 2022-2023. The San Francisco region ranked last in job growth among large metro areas during the 2018-2023 period, according to the report, although it came in 53rd in wage growth during the same period. The area came in a dismal 153rd for housing affordability in 2023, a reflection of the Bay Area’s ongoing struggle to build enough homes.

It is not all bad economic news for the region however. A forecast last year from Oxford Economics predicted San Francisco, Dallas, and Boston would lead the way for metro area GDP growth during the 2024-2028 period, citing high-growth sectors like tech. The San Francisco region remains one of the largest regional economies in the country, in part because of its technology and financial sectors. The San Francisco area also had the highest median household income in 2023 out of the country’s 25 largest metro areas.

The results shouldn’t come as a surprise, said Sean Randolph, a senior economist with the Bay Area Council Economic Institute, but the numbers lack key context as well.

“The fall in this particular ranking has to do with the decline of tech,” Randolph said of an industry that has been hit by layoffs in recent years but that he views as a core economic driver that includes some of the most profitable businesses anywhere, facts not fully reflected in the rankings.

He said the report’s 2023 cutoff also failed to the capture the frenzy of economic activity around artificial intelligence companies large and small in San Francisco in the past year, with billions of dollars in venture funding flowing into the industry.

“The concentration of venture capital here is undiminished,” he added.

San Francisco and the Bay Area have seen tens of thousands of tech layoffs since the pandemic at companies including Google and Salesforce, with Facebook owner Meta announcing thousands more cuts Tuesday. Randolph said the biggest tech layoffs of the past few years were largely due to over-hiring during the pandemic, and that tech workers moving to other somewhat less lucrative jobs may be contributing to slow than usual wage growth.

“The San Francisco, Oakland, and San Jose metropolitan areas have all been affected by the slower growth in high-tech employment during 2022 and 2023,” Maggie Switek, senior director of research at the Milken Institute and and the lead author of the report, said in an email.

“As a result, all three metro areas have experienced below national average growth in total employment since 2022,” she said.

Slow job growth and sluggish increases in pay put further economic pressure on “a population that was already suffering from the low availability of affordable housing in these metros,” Switek added. “As people have struggled keeping up with the costs of living, some residents have decided to leave, with the three metro areas experiencing a net outflow of domestic migrants in recent years.”

Underlining how much the San Francisco area is struggling, the region ranked No. 1 in the 2020 Milken rankings and regularly edged toward the top of the list. The region ranked 24th in 2021, 27th in 2022, and 35th in 2023.

The drop points to pandemic era challenges that the region continues to struggle with. The top ranked large cities or regions in the 2025 report with at least 250,000 residents were Raleigh, N.C.; Ogden, Utah; Salt Lake City; Huntsville, Ala. and Colorado Springs.

The San Francisco area was not the only Bay Area region that struggled to crack the top of the rankings.

The San Jose-Sunnyvale-Santa Clara region also saw a sharp drop, going from 44th place last year to 108th this year. The South Bay region, where numerous tech giants are headquartered, fared better when it comes to wage growth, coming in 67th during the 2018-2023 period. The area also came in 144th in housing affordability in 2023, the most recent year of data available.

The Oakland-Hayward-Berkeley metro area saw its overall rank go from 112th last year to 131st this year, after coming in 61st in 2023. The region also saw stagnant wage growth in recent years, coming in 125th during the 2018-2023 period according to the report, and it too ranked near the bottom of the list for housing affordability among large metro areas.

Reach Chase DiFeliciantonio: chase.difeliciantonio@sfchronicle.com; X: @ChaseDiFelice

Jan 15, 2025

Reporter

Chase DiFeliciantonio is a reporter at the San Francisco Chronicle where he covers tech and how AI is changing the city and the region. He previously covered business, labor issues, and San Francisco's recovery from the pandemic's economic and other effects. A fifth-generation San Franciscan, prior to joining the Chronicle in early 2020 he covered legal and business news at the North Bay Business Journal and the Daily Journal.

CytomX Therapeutics, a once high-flying biotech firm, is laying off 40% of its staff. The cuts include 45 workers in South San Francisco, where the cancer research company is based — it’s another blow for the Bay Area’s layoff-plagued biotech workforce.

The company announced its layoff round on Jan. 6, in a filing with the Securities and Exchange Commission and in a WARN notice to California. Such notices are generally required in the event of mass layoffs. Along with the South San Francisco cuts, CytomX’s layoffs include one remote California worker and four remote workers outside the state.

A vice president and a senior vice president will both lose their jobs, per the WARN, as well as four senior directors, seven directors, seven research associates and more than a dozen scientists. The document says the layoffs will go into effect on Jan. 17 for some workers and March 7 for others.

The company explained its reasoning for the layoffs in a Jan. 6 news release: CytomX wrote that it’s cutting staff “in order to direct capital resources to its clinical programs and create additional flexibility in its cost structure.” The layoffs, it said, will mainly hit “general and administrative functions” as well as nonpartnered research — research partnerships with big biotech names are CytomX’s core revenue drivers.

CytomX doesn’t have any drugs on the market, and hasn’t ever handled a successful late-stage trial. The firm’s three oncology drug candidates, meant to bind selectively to tumors and not to healthy tissue, are in development with industry giants like Amgen, Bristol Myers Squibb and Moderna. Cash from those partnerships let CytomX report a net profit in the quarter that ended on Sept. 30.

Still, CytomX is in a tough spot. The Jan. 6 SEC filing said cost savings from this layoff round will help extend the company’s cash runway, but only into mid-2026. One of the firm’s three drug candidates’ next step is “pending” as the company considers its finances, according to the company’s news release. And in a November filing, the company wrote that it will need “substantial additional funds” to develop its candidates and that it “cannot guarantee that this additional funding will be available on acceptable terms or at all.” CytomX had accumulated $710 million in losses as of September, the filing said.

Going public to raise more cash isn’t an option; CytomX listed on the NASDAQ Global Select Market in 2015. Since then, it’s been a bumpy ride. The company’s value peaked in 2018 just north of $2.3 billion, but a yearslong drop-off followed. On Monday, CytomX was only worth about $70 million — down about 97% from its all-time high.

The biotech firm did not immediately respond to SFGATE’s request for comment or question about severance packages for laid-off workers.

Work at a Bay Area tech company and want to talk? Contact tech reporter Stephen Council securely at stephen.council@sfgate.com or on Signal at 628-204-5452.

More News

— Hotel booking sites caught overcharging travelers from Bay Area — Major retailer closes in busy San Francisco shopping center — Former child actor, 32, among dead in Palisades Fire — Outdoor giant ends travel program, lays off 428 employees

Jan 13, 2025

Tech Reporter

Stephen Council is the tech reporter at SFGATE. He has covered technology and business for The Information, The Wall Street Journal, CNBC and CalMatters, where his reporting won a San Francisco Press Club award.

Signal: 628-204-5452Email: stephen.council@sfgate.com

Updated Dec. 14, 2024 • 4:26pmPublished Dec. 14, 2024 • 6:12am

At 5:53 a.m. on Saturday, phones blared across San Francisco with an unusual warning: Tornado.

The National Weather Service issued the warning — which expired just minutes later — writing, “At 551 AM PST, a severe thunderstorm capable of producing a tornado was located near Daly City, moving northeast at 45 mph.”

The fast-moving rotation approaching Ocean Beach prompted the historic alert for the whole city and northern Peninsula.

It was the first tornado warning on record for the area, National Weather Service meteorologist Dalton Behringer told The Standard.

No such alert was issued before a roof-ripping twister tore through South San Francisco and Daly City in 2005, he said, in part because “radar systems were much different back then” — as were emergency systems.

Like the warning for the tsunami that wasn’t earlier this month, Saturday’s tornado alert buzzed and blared on thousands of cellphones.

The message advised people to “TAKE COVER NOW! Move to an interior room on the lowest floor of a sturdy building. Avoid windows and protect yourself from flying debris. If you are outdoors or in a vehicle, move to the closest substantial shelter and protect yourself from flying debris.”

The warning applied to downtown San Francisco and parts of San Mateo County, including Daly City, Brisbane and Colma.

Related

Didn’t get the tsunami alert? Make sure your device is set up for the next one

Tsunami threat called off after evacuation orders, confusion

The tsunami that wasn’t: Photos of 7.0 earthquake that sparked warning

“The storm offshore was showing the rotation signature strong enough that we suspected there could be a water spout or a tornado,” Behringer explained in a phone call. “It was moving over toward the city, so that prompted us to issue the warning.”

But even strong storms have a tough time holding over the city’s uneven landscape, so the threat quickly subsided.

“These storms really thrive off of a steady wind flow,” Behringer said, adding that “as they move over a hilly environment, it gets disrupted and it’s no longer able to keep that intensity.”

At 6:07 a.m., the threat appeared to have passed.

“Tornado threat for the city of San Francisco has ENDED, the storm has moved northeast of downtown,” the National Weather Service wrote on X.

Video shared online hours later show a twister that touched down about 70 miles south in Scotts Valley, however.

The aftermath

Meanwhile, strong winds did some damage across San Francisco.

San Francisco emergency officials said the main impacts involved downed electrical equipment, toppled trees, and power outages.

Thankfully, the storm didn’t directly hurt anyone in San Francisco, city Rec & Park spokesperson Tamara Aparton told The Standard. But she said about 75 to 100 trees were toppled across the city’s park system — about half of them in Golden Gate Park.

“It’s been a very busy day for our arborists, heavy equipment operators, gardeners, and rangers, who started working at 6 a.m.,” she wrote in an email Saturday afternoon. “By far, the west end of Golden Gate Park was the hardest hit.”

Crews have been clearing roadways all day.

“Fortunately, we were well prepared,” Aparton continued. “We closed all of golf courses due to the high winds and stormy weather, as well as Stern Grove, Pine Lake, Twin Peaks, the San Francisco Botanical Gardens, the Japanese Tea Garden and all athletic fields.”

The city also canceled all outdoor games and events because of the dangers of falling trees.

In the city’s parks, at least, the issues seem to be confined to flooding and damage to pavement and fencing. Part of the fencing went down on the outer bison paddock in Golden Gate Park, Aparton said, but the animals were safely confined to their inner paddock.

Across town, in the Mission District, crews had to remove a fallen tree blocking Shotwell Street, where sections of the neighborhood went dark in a predawn outage. Other reports of fallen trees came from throughout the city, including at Lawton Street and the Great Highway, where someone’s car was reportedly stuck under a felled trunk.

From 6 a.m. through late morning, the San Francisco Fire Department said it fielded upward of 100 storm-related calls involving trees, electrical hazards, vehicle collisions, and the like.

Presidio Heights resident Tilly McLain said she was in her house when she heard a crash.

“It sounded like I lost one of my patio plants, so I was more worried for my fuchsia,” she told The Standard. “It wasn’t until the morning that we figured out how big the damage was and what actually came down.”

In the morning light, McLain saw that a huge chunk of stucco had fallen off the side of her building and shattered in her patio. Her fuchsia was unharmed.

Though the storm wasn’t as intense as the early morning warning predicted, rains and strong winds continued to pound the coast, and blackouts reportedly impacted thousands of people throughout the Bay Area.

PG&E said it dispatched crews to respond to outages in San Francisco’s Sunset and Mission districts, as well as in Daly City and Pacifica.

Just before 7 a.m., the company reported that about 40,000 households were without power in San Francisco and parts of the Peninsula.

As of 11 a.m., ABC7’s Power Map showed more than 60 discrete outages across San Francisco, some affecting as many as 800 customers.

Though the San Francisco airport reported just 18 flight cancellations, according to FlightAware, it recorded a wind gust of more than 80 mph.

The winds were strong enough for officials to send an alert about potential disruptions to ferry service to and from Tiburon and Angel Island through at least Saturday afternoon.

Rains and gusts are expected to continue until then, Behringer said, but the rest of the weekend will be “nothing like this morning.”

“We’re just going to be dealing with scattered showers for the rest of the day,” he said. “Some may have lighting.”

Going into the afternoon, San Francisco may even get some sun. And by Sunday, the region is expected to dry out.

SOUTH SAN FRANCISCO, CA — Can the holiday lights on your home be seen from space? Does it look like the Las Vegas strip?

If you've spent days or weeks painstakingly hanging strands of lights on your house, palm trees and shrubs, or hauling multiple figurines out to your lawn — Patch wants to hear from you.

Soon, we're compiling a Patch California tour o' lights, where readers can explore the best holiday light displays in the San Mateo County area.

We aim to have the list up as soon as possible — so email photos and a description of your winter wonderland to Kat Schuster at kat.schuster@patch.com.

For many of us, taking in our neighbors’ outdoor holiday lighting displays and other decorative touches is as much a part of the season as exchanging gifts and singing Christmas carols.

There’s a good reason twinkling holiday lights and colorful displays make us feel good, according to mental health experts.

“It does create that neurological shift that can produce happiness,” Psychologist Deborah Serani, a senior professor at New York’s Adelphi University, told NBC’s “Today” show. “I think anything that takes us out of our normal habituation, the normal day in, day out ... signals our senses, and then our senses measure if it’s pleasing or not.”

Decorating for the holidays “will spike dopamine, a feel-good hormone,” she said. “For a lot of us, Christmas is a magical time, it’s a time of innocence. It’s a time of joy.”

That’s why Patch and T-Mobile are partnering to find the lighted homes around town to visit.

A few details:

If you’re including a video, please upload it to YouTube and send us the link so we can embed it (make sure it's marked “public”). We also request that the homeowner submit their own yard or a close relative.

We’ll keep updating the countywide list throughout December.

Once you've provided the information — and submitted a photo or two or a video (after you uploaded it to YouTube) — you will be entered and included in our roundup.

Pro-tip: If you haven't photographed your light display before, a good time to take photos is at dusk.

IMPORTANT: By submitting a photo, you're giving Patch permission to publish it for this feature and future stories. Photos should be original and taken by the person submitting the photo.

So, be sure to check back for updates and sign up for your local Patch.com newsletters as well!

Please copy and paste the following information into an email, along with photos or videos, and follow these guidelines:

We’re looking forward to hearing from you. Remember, email Kat Schuster (kat.schuster@patch.com) to submit photos of your holiday lights.