Economist Optimistic Over Real Estate Market
A small drop in the city’s office vacancy rate in the third quarter of 2003 means the San Francisco commercial real estate market is finally recovering, an economist said.
UC Berkeley economist Ken Rosen, who in 2001 predicted the dot-com crash and the resulting commercial real estate collapse, said Thursday that San Francisco’s commercial real estate scene is improving.
“Companies are finally making the decision to lease,” Rosen said. “That doesn’t mean there’s a bull market, but it’s getting better.”
Among the tenants signing new leases at top addresses in the city’s business district during the third quarter included Media Live International, the Department of Housing and Urban Development and the Jones Day law firm.