SF’s Assessor Credits Tech And Biotech For Real Estate Rebound
SAN FRANCISCO (KCBS)— San Francisco’s City Assessor Phil Ting is offering new economic data that shows the big impact of the tech and biotech industry on the real estate recovery.
This year alone Ting has sited a study by the San Francisco Center for Economic Development that says the number of tech jobs in the city has tripled from 13,000 to 44,000 jobs with 150 new tech companies flocking to the city in search of commercial space.
“What’s exciting is to see is that no longer are people only thinking about Silicon Valley when it comes to tech. Many startups are actually deciding if they want to start stay and in San Francisco,” Ting said.
Most of the action is centered around Mission Bay, South Beach and South of Market, with the UCSF campus being the anchor that attracts biotech to the city.
KCBS’ Barbara Taylor Reports:
“The stem cell research center chose that part of San Francisco because of UCSF. We’re seeing a number of incubators being created in that area to start life sciences companies,” Ting added.
These things are important to the assessor because new companies need commercial space to grow and with that come new jobs and higher property assessments, both of which increase revenue for San Francisco.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)