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October 14, 2010

SoMa, South Beach Have Bright Real Estate Future


The SF Examiner ran an interesting piece this week entitled “SoMa Buildings Attracting Tech Companies.”

The upshot is that tech companies are steadily filtering back into San Francisco and scooping up large blocks of office space. Google, for example, is about to take over a 263,000-square-foot space at 345 Spear, and Zynga will be leasing a 260,000-square-foot office building in SoMa. It looks like tech companies are growing again, and they’re aiming to attract talent by situating themselves where their employees would prefer to live.

This is good news for the South Beach/Yerba Buena/SoMa/Mission Bay quartet, which has a glut of inventory right now. There are currently 227 condo listings across those neighborhoods, with an average price of $964,016. And 77 condos are in contract or pending. Total sold this year? 389 units, at an average of $756,920.

There’s a reason my company, Pacific Union International, just opened an office at the corner of Townsend and 2nd Streets. I’ve had many Peninsula-workin’ buyers in the past who have purchased condos in San Francisco because they didn’t want to be stuck in San Jose or Santa Clara after the sun went down. If more tech companies follow Google and Zynga’s lead, there will be plenty of homes for these employees to purchase. (And if you know anyone who’s looking, please let me know. There are some great deals out there right now!)

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