Bay Area Multifamily is Booming. Here's Why.
S.F. is quickly becoming one of the hottest places to live in the country, causing a major influx of residential development. Come hear about the latest trends at Bisnow's Bay Area Condo Boom, Wednesday, June 3, at The InterContinental, starting at 7:30am.
Among our panelists is Tishman Speyer senior managing director Carl Shannon (snapped in a mock unit during a tour of the LUMINA sales office), who tells us the firm's ritzy LUMINA project is finishing up at top speed. The development's Main Street Plaza A is sold out and the majority of Beale Street Plaza C is sold. In addition, he says more than three-fourths of Main Street Tower D is sold and the Folsom Street Tower B release is coming soon.
Carl tells us demand in the Bay Area remains strong and the project should sell out quickly, with the first residents scheduled to move in this August. Here's a rendering of the new gourmet grocer and dining emporium coming to the site. Hear more from Carl and our other all-star panelists, including DM Development principal Mark MacDonald and Panoramic Interests owner Patrick Kennedy at our Bay Area Condo Boom, Wednesday, June 3, at The InterContinental, starting at 7:30am.
Allen Matkins partner Lee Gotshall-Maxon, who's moderating, says the Bay Area remains the positive perfect storm of nation-leading tech-driven employment growth, plentiful capital (with continued low interest rates) and a housing supply, with demand imbalance of near-record proportions. Key questions remain about affordability, infrastructure, costs and timing. Here he just caught and released a wild rainbow trout.