Commercial Real Estate Forecasters Calling for Growth in Bay Area

Commercial real estate forecasters are calling for a strong South Bay and San Francisco renaissance over the next couple years, with some saying San Francisco could return to its 2007 peak employment levels as soon as 2013.

Published reports in the The Registry (an SF Bay Area real estate monthly magazine) have forecasters calling for  "San Francisco, and to a lesser extent San Jose, [to] lead the U.S. economic recovery, with San Francisco regaining its peak 2007 employment levels no later than 2013 and San Jose not far behind, driven by business demand for its technology. But Oakland, a perennial laggard, will stay true to form, not recovering until San Francisco and San Jose are in full bloom and begin to send overflow demand its way sometime in 2014 and beyond."  Click: (HERE) to read the complete article.

In a separate story (also from the The Registry), Ken Rosen, chairman of Berkeley-based Rosen Consulting Group and Rosen Real Estate Securities, stated "Silicon Valley, which created nearly 10,000 jobs in the first three quarters, adding 1.1 percent to its employment base, is the strongest geography in Northern California and one of the strongest in the nation".  Click: (HERE) to read the complete article.

Anecdotal reports from various office furniture manufacturers and dealers confirm that activity has picked up significantly in the South Bay and San Francisco (specifically the SOMA area). I can tell you that the East Bay is still lagging, as it struggles to replace the mortgage and residential real estate and construction businesses that drove growth through the mid 2000's.