The Urban Land Institute, at the start of 2014 issued its Emerging Trends in Real Estate report for 2014. According to this report, San Francisco is the biggest and most popular commercial real estate markets for this year. The report read that even though San Francisco is the most expensive market to reside in and conduct business, the economy is going to do tremendously well in 2014. It is expected that this city will be adding jobs at 2% rate for the year.
The Market Watch reported in September 2014 that the economic growth in San Francisco is continuing to overtake the national economies and state. Access to financial capital and a highly-educated workforce continues to steer the business investment in the metro area. With property management SF, one can create or buy the perfect property to live in or conduct business.
John E. Silvia, the chief economist at Wells Fargo said that the housing market in San Francisco has made sizable improvements, with new Property management SF and residential construction coming on line, although affording it still seems like an issue.
If we look at office space, the rents are going up really fast. In the city, the average rent for an office space seems to be climbing towards a level that has not been since the dot-com boom of the 1990’s. This last line was mentioned in the San Francisco Business Times.
If we look at the present, commercial Real Estate in San Francisco is going over the roof. Paramount group- a real estate investment group- just recently sold the 666,000 sq. foot the sky scraper at 50 Beale Street to Rockefeller Group. This deal was made for $395 million. Also, a deal for $309 million was closed by Columbia Property Trust of Atlanta for acquiring a 480,000 sq. foot, 33-story Hanford Building.
Nelson Mills, the CEO of Columbia Property, said in a statement that they have managed to establish an important presence in downtown San Francisco. The market in SF continues to be the best in the USA.
In the same week as the selling of the sky-scraper and the Hanford building, 100 California St. was purchased by Boston’s Pembroke Real Estate for $182 million.
The senior vice President of Pembroke, David Lucey said that for the past 18 months, they have been looking to make their first deal in San Francisco. He told an online trade publication, the Registry that they have been keeping a track of Bay Area commercial real estate.
With the correct property management SF tools, one can maximize their property investments and get the best out of it. Since the real estate in San Francisco is increasing so rapidly, property management SF is essential and important.
The CEO and chairman of San Francisco TMG Partners, Michael Covarrubias said that he has never seen space get filled up so fast, the rents keep going up rapidly and whole buildings getting pre-leased. This statement of his proves that the demand and price in San Francisco is going over the roof and if one wishes to purchase a property here, he/she needs property management SF to guide him, especially if he is new to the city and environment.