San Francisco’s tech industry rush has translated into a golden commercial real estate industry with high office rents and big sale prices, but now there are concerns about where the nation’s hottest market is headed.
During a 10-month period from July 2012 to April, 48 properties at $20 million or more exchanged hands — illustrating the strength of the market and how San Francisco ended up with higher-than-expected property-sales taxes.
The sale prices of those properties totaled more than $4.5 billion, with 15 fetching more than $100 million and the 48-story tower at 101 California St. going for $910 million.
This level of activity has not been seen since fiscal year 2006-07, right before the Great Recession set in.
Read more: San Francisco Examiner San Francisco real estate market booming with healthy tech industry