SAN FRANCISCO—Rising rents fueled by the area's tech boom have driven one of Union Square's most prestigious galleries out of the neighborhood. Several others are likely to follow, says the San Francisco Business Times.
After 30 years in Union Square, Brian Gross says that he has signed a lease to move his gallery, Brian Gross Fine Arts, to 248 Utah St. in Potrero Hill. He told the Business Times he was facing a 32 percent rent increase at 49 Geary St. The jump would be from $31 a square foot to $45 a square foot. The new gallery is a spacious 8,500 square feet, more than double the footprint of his current space.
Gross, has been at 49 Geary since 1995. At the time there were only five galleries in the building, but now there are 15.
“The tech boom has enabled landlords to be asking for rents that are far beyond what the good art dealers in this town can afford,” said Gross. “I feel the time is right to create a new community away from (Union Square.)”
Click San Francisco Business Times to read the complete story.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
