This is a carousel. Use Next and Previous buttons to navigate 2 An office shortage in San Francisco’s existing high-tech district is aiding the revival of the Mid-Market neighborhood, as young companies migrate to a new hub with fast-rising rents. Asking rates on Market Street between Fifth Street and Van Ness Avenue jumped 18 percent in the second quarter from a year earlier to an average of $46.48 a square foot, data from brokerage CBRE Group show. Internet firms have driven the gains. The once-bleak stretch of largely empty buildings has had $2.4 billion in development and property sales since 2011, including projects by Hudson Pacific Properties, AvalonBay Communities and Shorenstein Properties, according to CBRE. San Francisco’s surging job growth and scant new-office supply sparked the renewal, along with a 4.4 percent vacancy rate in the South of Market neighborhood that constrained growth there. “We knew there was going to be overflow, but nobody thought it would be like this,” said Victor Coleman, chairman and chief executive officer of Los Angeles, Hudson Pacific, the landlord at 1455 Market St., a 1 million-square-foot data center that lured Square as an anchor tenant. “This situation is pretty unique.” Quoted rents of $55… Read full this story
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