I will share articles, data, tweets, and everything in between each week that I want people interested in Bay Area real estate to read.
California’s population is finally increasing — thanks to this demographic "After shrinking during the pandemic and then stagnating for several years, California’s population is finally growing — thanks to immigration from abroad. That’s according to two different estimates released this month — within 24 hours of each other. The first is the U.S. Census’ annual estimates of population growth by state. The second is from the state’s Department of Finance, which estimates population change twice yearly. Both show that the state is growing, but at different rates: The Department of Finance’s estimate said the state added about 49,000 residents — slightly less than last January’s reading — while the census estimated growth by a more robust 232,000 residents." (San Francisco Chronicle)
Developers Welcome San Francisco Adaptive Reuse Measure, But It's No Panacea "San Francisco architects and developers are encouraged by an ordinance passed by the city’s Board of Supervisors this week that will waive some fees for converting offices into apartments. But while the ordinance will save money and make more conversions possible, such projects are complex and will still require substantial planning and investment, making a conversion boom unlikely." ( Bisnow)
YIMBY files lawsuit against Cupertino, claims city violated “builder’s remedy” law "The organization alleges that two preliminary proposals submitted under the “builder’s remedy” provision faced numerous roadblocks in their application process." (The Mercury News)
San Francisco office leasing reaches post-pandemic high "Leasing activity in San Francisco hit its highest volume since the pandemic, according to first-quarter data from multiple commercial firms. Close to 3 million square feet of office space was leased in the city during the quarter, according to CBRE and Colliers. More tenants also committed to larger spaces, the brokerages noted, including big renewals and expansions for Google and JP Morgan Chase, as well as substantial new leases for Databricks, law firm Morgan Lewis and Twilio. Of the top 25 deals of the quarter, nearly 60 percent were for tech tenants, according to CBRE, and the vast majority of the rest were for professional and business services." (The Real Deal)
Pacifica housing developers use 'builder's remedy' to spur project at Rockaway Quarry " A real estate venture plans to build more than 1,000 affordable homes at Pacifica’s Rockaway Quarry, using California’s "builder’s remedy" law to move the project forward.The quarry’s owner announced on Tuesday that it has filed an application to build 1,021 affordable homes. Of these, 80% will be set aside for moderate-income residents, and 20% will be for low-income residents. The builder’s remedy allows developers to bypass local zoning rules in cities that do not have state-approved housing plans." (SanFrancisco Business Times)
