Colin ScanlonResearch Manager
In the last few quarters traditional corporate space options in North Financial District have been much more abundant than tech and creative sector space in SoMa or Mission Bay. Tech companies are starting to creep into this area as well.
Credit Karma is reportedly negotiating a 150,000 sf lease at 650 California Street in the North Financial District. The financial tech firm currently occupies 46,000 sf at 760 Market Street in Union Square. Twitch, the gaming company owned by Amazon, is also reportedly nearing a large deal in North Financial. Following city approved design changes, Twitch’s reported future home at 350 Bush St. will have floor plates ranging from 17,000 to 20,000 sf and include amenities such as bicycle parking, showers, and a rooftop terrace.
With rent for quality space exceeding $70.00/sf in essentially all of San Francisco, more tenants are looking at moving some or all of their operations in other markets. Leasing activity has been intensifying in Oakland but its short-term growth potential is inhibited by a very limited stock of buildings that can accommodate larger tenants.
Colin directs Savills Studley's Northern California real estate analytics. He conducts research and analysis to further strengthen the firm's position in negotiations with landlords, including tracking lease comparables, tenants in the market, construction projects and employment conditions.