July 20, 2016
San Francisco’s property values now exceed $200 billion, for the first time in history, according to a new report from its Office of the Assessor-Recorder. The City experienced a 9% increase in total value for all property.
While that valuation reflects how hot the San Francisco market has been over the past four years, preliminary indications of a transition to a cooler “normalized” market are starting to show up in apartment building sales activity. Though, according to Paragon Commercial Brokerage, no significant change is yet showing up in the statistics.
Paragon’s latest market update cites a variety of sources reporting a significant jump in apartment vacancy rates in San Francisco, with more apartments for rent than in several years, and the beginning of a decline in rent rates from recent all-time peaks.
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Tags: Apartments & Multifamily