San Francisco Multifamily Market Report
Limited Construction Activity Heightens Competition Among Tenants and Investors for Existing Assets
Job market return hinges on tech employees. Some workers who moved away from the densely populated San Francisco area will likely come back during the second half of the year. However, the number of employees required to live in the area by their tech employers remains somewhat uncertain, and recent announcements indicate greater flexibility. Pinterest paid $90 million to abandon a leasing commitment in the second half of last year. The city’s largest employer, Salesforce, announced in early 2021 that some employees will be given the option to work remotely full time. In addition to the return of tech workers, a rebound in leisure and hospitality jobs depends on a return of tourism. The vaccine rollout and availability of testing could catalyze some international travel as early as this year, though a full return may take until 2022 or beyond.