SAN FRANCISCO—After a booming 2014, when the San Francisco Planning Department reported a total of 3,654 new housing units delivered to market, a 20-year record, San Francisco seems to have slowed down the pace in 2015. Only nine multifamily developments with 50-plus rental units were completed last year, adding a total of 1,637 new apartments to the local inventory, according to Yardi Matrix.
That's a 39% drop from 2014, when the 13 biggest projects in terms of number of units delivered a total of 2,680 apartments for rent, encompassing a striking 2,275,418 square feet. The upside: nearly half of the buildings (Franciscan Towers, Broadway–Sansome, 1100 Ocean Drive and 280 Beale Street) are much-needed affordable housing developments, while other projects include an affordable component as well. The 1974-built 100 Van Ness building, historically home to the California State Automobile Association, also made the list. The building's conversion from office to residential made way for a total of 421 rental units.
Camelia Bulea, communications specialist at RENTCafé, a nationwide apartment search website, tells Globest.com: “While other housing segments may step in to fill the gap, a scarcer inventory may lead to even higher rents for the already burdened San Francisco renters.”
The largest San Francisco rental development was Mosso, located at 900 Folsom St., located South of Market. It is comprised of 14 studios, 252 one-bedroom apartments and 210 two-bedroom apartments. The property sits on 375,971 square feet and includes 8,000 square feet of retail with a view of the Bay. It is LEED certified with electronic charging stations, and includes outdoor workspace/meeting area, along with a rooftop terrace.
The other eight developments had fewer units: 100 Van Ness includes 421 rental units, Avalon Hayes Valley includes 182 rental units, The Civic, 101 Polk has 162 rental units, 2175 Market Street has 88 rental units, Franciscan Towers has 105 rental units, Broadway-Sansome has 75 rental units, 1100 Ocean Avenue has 71 rental units and 280 Beale Street includes 70 rental units.
SAN FRANCISCO—After a booming 2014, when the San Francisco Planning Department reported a total of 3,654 new housing units delivered to market, a 20-year record, San Francisco seems to have slowed down the pace in 2015. Only nine multifamily developments with 50-plus rental units were completed last year, adding a total of 1,637 new apartments to the local inventory, according to Yardi Matrix.
That's a 39% drop from 2014, when the 13 biggest projects in terms of number of units delivered a total of 2,680 apartments for rent, encompassing a striking 2,275,418 square feet. The upside: nearly half of the buildings (Franciscan Towers, Broadway–Sansome, 1100 Ocean Drive and 280 Beale Street) are much-needed affordable housing developments, while other projects include an affordable component as well. The 1974-built 100 Van Ness building, historically home to the California State Automobile Association, also made the list. The building's conversion from office to residential made way for a total of 421 rental units.
Camelia Bulea, communications specialist at RENTCafé, a nationwide apartment search website, tells Globest.com: “While other housing segments may step in to fill the gap, a scarcer inventory may lead to even higher rents for the already burdened San Francisco renters.”
The largest San Francisco rental development was Mosso, located at 900 Folsom St., located South of Market. It is comprised of 14 studios, 252 one-bedroom apartments and 210 two-bedroom apartments. The property sits on 375,971 square feet and includes 8,000 square feet of retail with a view of the Bay. It is LEED certified with electronic charging stations, and includes outdoor workspace/meeting area, along with a rooftop terrace.
The other eight developments had fewer units: 100 Van Ness includes 421 rental units, Avalon Hayes Valley includes 182 rental units, The Civic, 101 Polk has 162 rental units, 2175 Market Street has 88 rental units, Franciscan Towers has 105 rental units, Broadway-Sansome has 75 rental units, 1100 Ocean Avenue has 71 rental units and 280 Beale Street includes 70 rental units.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
