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San Francisco Office Rents Eclipse Manhattan’s for First Time in History

“A surging tech economy, some of the highest rates of leasing and pre-leasing ever recorded, a pipeline of under-construction projects so robust it’s near bursting, and an effective unemployment rate of zero during the final three months of the year and for the full year ended Dec. 31, 2015, are telegraphing to market observers that 2016 will mark the continuation of San Francisco’s “Glittering Age,” a period that has now spanned two years and for the first time has seen office rents in San Francisco surpass those in Manhattan, Colliers International has disclosed in its year-end office market research study.

Fueled by the unrelenting growth of the tech industry, the year ahead, like the year just concluded and the year before that, will be one of the most prolific and productive periods of office development in the city’s history and will be the cause of a historic, continental shift of the nation’s economic power center from East to West where an overwhelming majority of major tech companies are now based, including Apple, Google, Facebook, Pinterest, Twitter, and so many more, the report noted.” (The Registry, January 25, 2016)

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