“While our focus is residential real estate, we can learn quite a bit about the state of our real estate market and economy in general by watching the commercial real estate market. Here are three big signs things are moving in the right direction:
• The plan to convert St. Joseph’s Catholic Church at 10th and Howard into 18,260 square feet of office space, 1,300 square feet of retail space, and 2,500 square feet of assembly space cleared another hurdle as it was approved unanimously by the Planning Commission this week. The space will likely attract more tech industry to the already-buzzing SOMA district.
• Tishman Speyer is set to list and sell 555 Mission Street. This is a 33-story, 550,000 square foot tower that is 90 percent leased. The transaction could generate up to $450 million and could be the impetus for additional commercial sales.
• The PAC 12 Conference broke ground last week on their new headquarters in SOMA. They are set to fill 70,000 square feet at 370 Third Street and will house all of their broadcast, digital media and licensing/sponsorship divisions from the new HQ.
Mayor Ed Lee summed it up, stating that “San Francisco is attracting an incredible mix of talent and industry from across the nation.”
Great news for our market!”
…Read this article and more in the new issue of MarketTracker, courtesy of Zephyr Real Estate. Also in this issue:
Most Recent Sales
San Francisco Market Overview
$750,000 Shopping Spree
Take it to the Street on Sundays!
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