Magazine article Journal of Property Management

Frisco Blues

Magazine article Journal of Property Management

Frisco Blues

Article excerpt

The San Francisco real estate market has seen better days

While no sector of real estate has remained unscathed by the current economic climate, San Francisco serves as a model of what the bottom of the market looks like. The dot com bust left the once red hot San Francisco market in tatters. In addition, the stock market and September 11 attacks left all sectors, with the exception of single-family homes, reeling.

"While there are cycles in real estate, this one is unusual because of September 11 and the stock market drop off," said Ron Harris, CPM, CEO at Cantrell, Harris & Associates, AMO. "Right now, it's just one of those weird times when nobody knows exactly what to do."

"It will probably take another three or four years for the market to get back to where it was," Harris said.

While property managers use concessions such as parking to sweeten the deal for potential tenants, in San Francisco the trend is to drop rent rates. According to a report by the CAC Group, in the last year alone CBD rental rates have been cut in half, while vacancy rates doubled. …

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