San Francisco Office Space “Boom”
Published by Hedley on Friday, May 11 2012 at 8:12 AM
The office space market in San Francisco is being hailed as the best in the U.S. as the arrival of Twitter creates a spike in rents and the arrival of technology firms.
Focused on the Mid-Market district of San Francisco, an area that according to businessweek.com is better known for drugs and graffiti, real estate experts report that office rents have risen by 60%.
“Twitter was and is the whole phenomenon,” explained a representative from real estate firm Cassidy Turley. “I tell clients to make their deal as soon as they can.”
As Twitter ready themselves to complete the move to their new offices in June, the arrival of other technology and social media has increased, turning this once run-down district into the place to be – leaning one expert to declare “It’s an outright boom”.
While the “boom” has not been limited to offices, Twitter’s own broker at Jones Lang LaSalle points out that smaller leases have been the norm in recent times and that caution on this ‘tech bubble’ should be exercised.
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