The commercial
real estate scenario in San Francisco is on an upsurge and is
flourishing to say the least. Whether, it is residential real estate
market of the Silicon Valley or the real estate market up north that is
more commercial in its essence, San Francisco is witnessing an
astonishing boom in the real estate scenario as the realtors bask in the
glory of this boom. This period of great prosperity is manifested in
the city's skyline that is typified with the silhouette of monstrous
cranes. It's true that numbers speak for themselves.
Guess the number
of licenses granted for cranes during the time period between the year
2009 and 2011. Let me help you, thirteen. Only these many permits were
granted for cranes during those two years by San Francisco's
administrative authorities. Now take another guess for the number of
licenses permitted for cranes between the year of 2012 and the present
day. You will be astonished to know the number. The city's
administrative authorities sanctioned an astounding number of eighty
seven permits for cranes after 2012, till now.
These cranes are
deployed for the purpose of constructing office buildings where the
current rental charges on an average are around 64 USD per square foot.
This rent is almost twice the national average rent. This particular
fact states a lot in itself about the real estate scenario of San
Francisco.The situation was not always as rosy as it is now. In the year
of 2010, the real estate market of this city went through a terrible
period of low and decline. The market was highly fickle and shaky.
Nevertheless, since that time the property prices have soared up by
almost ninety percent.
Such a steep ascend of the real estate
prices might also imply the formation of a bubble, but not according to
the realtors of San Francisco who have immense belief in the longevity
of this period of prosperity. They find significant credence in the
ability of the current real estate market to sustain for a long period
of time. The belief somewhat stems from the strong position of real
estate in Silicon Valley.
Silicon Valley is the source of this
prosperity if the realtors have to be believed. The technical industry
is driving this great demand for office space in San Francisco. The
demand is so high that it has become increasingly difficult for the
interested parties to lease an office in San Francisco, especially in
the Bay Area. If the facts and figures are to be believed, the under
construction office space area is around 4 million square feet and about
half of this area is already pre leased.
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