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May 27, 2011

Is Union Square the New SOMA?

It’s official; Union Square is a hot spot for tech companies. According to the San Francisco Business Times, there has been a mass exodus from SOMA to the less-expensive but still posh office locations in the Square. Companies like Craigslist, Technorati, Fluid Inc., and Inkling have all moved their headquarters right here to the center of town.

The reasons are simple. While many of these companies moved to SOMA when it was still new and edgy and rent was inexpensive, SOMA has arrived and is now saturated with tech businesses, restaurants, shops and fancy new condos and apartment buildings. Now that SOMA is a trendy enclave rent has increased to about $35 per square foot, compared to $29 in Union Square.

Union Square has always had a plethora of shops, restaurants and entertainment options, and it’s a public transit hub, with BART, MUNI and the cable car all within walking distance, so it isn’t a tough sell to companies looking to please employees. According to the article, vacancy in the Square has decreased a little over 5 percent in the past year, down to 15.6 percent. And, it seems like that’s just the beginning as the economy picks up and more startups and established tech companies look for a space to call home.

Read the San Francisco Business Times Article.