SF Real Estate Value Grows by $6 Billion
Demand for office space drives up market value.
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A zen garden created by Ivan Shvartz is seen in the middle of Union Square in San Francisco.
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It's a great Recession to be a property owner. For now at least.
The total value of San Francisco real estate grew by $6 billion to $169.9 billion, according to a report from San Francisco Assessor-Recorder Phil Ting.
The "booming commercial property market," fueled by tech companies snapping up vacant office space, is largely responsible for the 4.2 percent increase, according to the San Francisco Appeal online newspaper.
South of Market and Mission Bay were the epicenters of the bull market for office space, said Ting, who noted the old Furniture Mart building at Ninth and Market streets -- currently the new headquarters for Twitter -- is a key part of this growth.
Tony Pacific Heights saw a slight increase in value, the newspaper reported, but overall "growth is going to be driven by commercial development," Ting said.
One-third of San Francisco's $6.8 billion budget comes from property taxes, the newspaper reported.
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