SAN FRANCISCO—San Francisco's retail market exhibited healthy demand during the last quarter of 2014. With little new retail space in San Francisco and strong demand for existing retail spaces, landlords have been pushing asking rents higher. That is according to a recent report from Cushman & Wakefield.
“The overall vacancy rate citywide was a stable 1.9% at the end of 2014, a minimal 10 basis points higher than the end of 2013,” the firm says.
And three retail projects are now in the early stages of development, the report says. Market Street Place, a $150-million, 250,000-square-foot project at 935 Market St. between Fifth and Sixth Streets, broke ground in November. Delivery is projected for August 2016. Transbay Transit Center will offer 160,000 square feet of retail and restaurant space. The first phase comprising of 100,000 square feet of retail space is expected to open in late 2017. The second phase, with 60,000 square feet of underground retail, will open when Caltrain adds service to the station. Another project closing in on a start date is the Warriors Arena in Mission Bay, which will add 125,000 square feet of retail space in time for the 2018 season.
The firm says that restaurants and cafes continue to dominate leasing transactions throughout the city - everything from Michelin-starred restaurants to cafes to pop-ups to quick service restaurants. Crystal Jade, a Singaporean-based restaurant chain owned by LVMH, just opened its first location in the US in November, comprising of 20,000-square-foot space at Four Embarcadero Center. The firm also says that many new restaurant concepts and openings were also introduced in the Marina/Cow Hollow sub-market, such as Seed+Salt , La Panotiq, Bonita Taqueria, Glaze Teriyaki Grill (taking over the infamous All Star Donuts), and West Coast Wine & Cheese.
To learn more about the local retail market, check out these recent pieces on the subject below:
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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.
