SAN FRANCISCO—The Bay Area market is still one of the hottest in the country. According to Michael Klein, managing director and COO of Partners Capital Solutions, “The bay area is generally very strong right now as the tech sector is driving a powerful economic expansion.”
In preparation for the upcoming RealShare Bay Area conference September 4th, GlobeSt.com caught up with the Town Hall panelist on the local drivers and trends. “Foreign interest in investing in California is also a driver,” he says.
Klein tells GlobeSt.com that the very desirable areas of the City and all the way to the peninsula have experienced price appreciation and as a result, he notes, construction starts have increased. “The East Bay is getting the spill over as lower earning people and businesses leave high cost areas to the west,” he says. “Many neighborhoods are gentrifying as a result.”
He also mentions that given that real wages are not growing and rents or prices have risen quite rapidly, he expects “appreciation to moderate in all but specific locations that are attracting capital from outside of California.”
The increase in rents/price, he says, is driving construction and more product will become available to moderate price pressure.
Lastly, he notes, “we are still living with a huge unknown; what will the economy do when the Fed stops its easy money policies.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
