An article in today’s Chronicle, in conjunction with Bloomberg, while not particularly positive about near-future trends in US real estate, is much more positive regarding San Francisco.
“Your best bets: a small handful of “property-wealth islands,” including San Francisco and San Jose/Silicon Valley, both seen as “primary 24-hour gateways located along global pathways,” according to a report being released today at the Urban Land Institute conference in San Francisco.
San Francisco ranks third out of 51 cities as a place to invest in and develop commercial and multifamily apartment properties and fourth in for-sale home building, with San Jose two or three rungs lower in each category, according to the survey compiled by the institute and PricewaterhouseCoopers.
Washington, Austin and New York are the other top-rated cities.” …
“’There’s still an understandable reluctance by potential homeowners to get into the market,” said White. [Executive Director of the Urban Land Institute, San Francisco]
Not so, however, when it comes to renting or leasing commercial space in high-tech areas like San Francisco’s Mid-Market and South of Market, a trend driven largely by the influx of a younger, more mobile and urban-oriented workforce.
“Gen Y is driving up the demand for apartments and driving up rents, which makes investing in apartments a safer bet,” said White.
Depending on how long it lasts, such a trend could be a game-changer for real estate.”…
“California’s future is a lot more urban and transit-oriented than it has been historically. There’ll be an increasing demand for the 24-hour, livable city model,” said White. ”
The Chronicle Article is Here: www.sfgate.com
The full report – Emerging Trends in Real Estate — from the Urban Land Institute is here: www.uli.org