San Franciso, CA (PRWEB) August 21, 2012
NBC reports that the San Francisco real estate market is recovering due to a boom in tech companies. Thea Miller, a luxury sales and marketing professional, believes that now is a great time to buy—before prices continue to rise due to an increase in demand.
According to the article, San Francisco’s real estate market has grown by $6 billion, making its total value $169.9 billion. This 4.2 percent increase was fueled, largely, by the purchasing of vacant office space around the city. With the tech boom bringing a long list of startups to the San Francisco area, this prime office space is seeing its highest demand since before the recession.
“South of Market and Mission Bay were the epicenters of the bull market for office space,” the article asserts. Phil Ting, the San Francisco Assessor-Recorder, notes that “the Old Furniture Mart building at Ninth and Market streets—currently the new headquarters for Twitter—is a key part of this growth.”
This increase in property sales is important to the recovery of the City of San Francisco, in addition to its economy and the overall wellbeing of its residents. NBC asserts that, of the city’s $6.8 billion budget, one third of its funding is procured through property taxes. This surge in sales is allowing both the residents and the city itself to regain some of the financial security they lost during the recession.
“The booming tech market is driving up value in San Francisco’s commercial property market,” asserts Thea Miller. “The demand continues to be high but inventory is low, so you see prices going up all over the city, especially in Mission Bay and Soma. According to San Francisco Assessor-Recorder Phil Ting, we are up 4.2 percent from the lows.”
But office space purchases do not only affect their sector of the real estate market. Where jobs are created, people tend to move. The tech startups that are infiltrating San Francisco’s commercial areas are bringing with them employees—and potential new homeowners.
Although San Francisco and other cities across the United States are still recovering from the shock of the recession, San Francisco’s economy and housing market have rebounded impressively. Thea Miller is excited to see how the real estate industry will continue to grow as these new startups settle into their offices and recruit top talent from across the nation.
Thea Miller is a professional who specializes in the sale and marketing of luxury properties. With over 20 years of experience, Thea Miller is a leading Realtor in the City of San Francisco. Through her service, Thea Miller leads her clients through the buying and selling processes with attention to detail, unwavering customer care, and invaluable industry insight. Thea Miller is a member of The National Association of Realtors, The San Francisco Association of Realtors, The California Association of Realtors, and Who's Who in Luxury Real Estate.