San Francisco’s Blighted Market Street Reborn as Tech Hub
This article is for subscribers only.
An office shortage in San Francisco’s traditional technology district is aiding the revival of a blighted neighborhood known as Central Market, as young companies migrate to a new hub with fast-growing rents.
Asking rates on Market Street between Fifth Street and Van Ness Avenue -- northwest of the popular technology area called South of Market -- jumped 18 percent in the second quarter from a year earlier to an average of $46.48 a square foot, data from brokerage CBRE Group Inc. show. Internet firms have driven gains, with mobile-payment service Square Inc. moving this month to a converted bank data center.