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[ applause ] good morning. Thank you mary. What an amazing opportunity to be here. Today i live here with my family and raising two young daughters in San Francisco. Uf for those who dont know me, i am not a religious person. But i think we should all take a moment and say a prayer of thanks for the environment we live in. For all of us who touch bay area real estate, its really incredible how quickly things have changed. If you go back two, two and a half years and think about what the environment was in the middle of 2010, we were in a terrible environment. Values were down significantly. We couldnt lease space it save ourselves and we felt it would be a long, long slug to come out of the hole we were in. Here we are, barely two years later, in one of the strongest Office Markets in the country. The growth for is overwhelming a shrinking of real estate needs and were not see ....
Speyer want to capitalize on that. Im going to start at the risk of boring everyone with a couple of charts. The first chart shows the average sales prices for Office Buildings in blue. It shows the average replacement costs in green and the line is the cap rates for Office Product in San Francisco. And there are a couple of things that i think are worth pointing out in this chart. First, that while values have increased, they still fall short of the peaks that we saw in 2007. Also while replacement costs have been fairly steady here in the last several years, if you look back historically, there has been a stairstepping historically over time of replacement costs. And i believe that were about to enter an environment where both Construction Costs and land cost ....
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