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AI companies have leased 1 million square feet of San Francisco office space since 2020. But with about 30 percent of existing leases due to expire by the end of 2025, AI alone will not be enough to save the city’s office market, according to a new report from Savills and CompStak.  Many commercial agents have pointed to growth in AI as a sign of hope as office vacancies reached new highs last year, hitting 32.2 million square feet. But 2024 and 2025 will be a peak time for lease…

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An affordable housing bond measure appears headed toward victory in San Francisco, which in early returns Wednesday was leading with 67.7 percent of the vote. Measure A, which would inject $300 million into subsidized housing, leads a smidgen beyond its required two-thirds majority to pass, the San Francisco Chronicle reported. The bond comes four years after San Francisco voters approved a $600 million housing bond, the largest in city history. Measure A stems from a deal between Mayor London Breed and the Board of Supervisors last summer that would cut…

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Spring Market is Upon Us 2024 is here, and like any other year, people are preparing for the big push in the spring real estate market. However, unlike every year, there is uncertainty and anxiety in the air. Last year was a time for reflection and adjusting to the new reality. Mortgage interest rates at 7% felt so high compared to 3% just a couple of years ago. Prices were declining and the market was at the slowest level we have seen for at least the last 25 years. Buyers…

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After a local media stir, a 94-year-old woman who’s lived at her Mission District apartment since the 1940s will not be evicted as a landlord had initially proposed. Update (3/7/24, 9:13 am): The management of a Mission District apartment building has sent SFist a statement saying they will not evict 94-year-old Helen Byrne from her apartment. “While the initial decision to purchase a rental property was made with the intention of investment, the goals for this property have since changed – with a focus on people over profits. Upon deep…

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OpenAI, after inking the biggest office lease in San Francisco in years, has hired someone to manage its growing real estate presence. The San Francisco-based artificial intelligence firm has named Tracy Hawkins as its vice president of real estate and workplace services, the San Francisco Business Times reported. She started March 5. Hawkins, a refugee of Twitter’s (now X’s) real estate division with more than 15 years in corporate real estate and facilities management, most recently worked as global head of workplace experience for Grammarly, a locally based typing automation…

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Carmel Partners paid $43 million for an undisclosed stake in Boston’s 46-story, 368-unit The Sudbury, Multi-Housing News reported.  The San Francisco-based multifamily developer bought the stake in 100 Sudbury Street from a joint venture between National Real Estate Advisors and the HYM Investment Group. The transaction breaks down to more than $116,000 per unit. The deal doesn’t cover an additional 55 for-sale condominium units. More than a quarter of the rental units at the property are designated for affordable housing.  The property was completed in 2020. The Sudbury has four…

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A ballot measure meant to spur the conversion of empty offices into homes in San Francisco was leading in early returns Wednesday and appeared likely to pass. Measure C, proposed by Mayor London Breed, was leading with 53.9 percent of the vote with 98,663 ballots counted, the San Francisco Chronicle reported. The measure would waive real estate transfer taxes on converted buildings sold for the first time to help boost housing and lower the city’s record office vacancy, now at 35.9 percent. The transfer tax varies from 0.5 percent to…

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Helen Byrne, 94, has called the same San Francisco apartment home for more than eight decades after moving in with her dad and sisters at the age of 12. Her Mission District neighborhood looks a lot different these days, but Byrne’s apartment is practically a time capsule from a bygone era.  She still sleeps in her childhood bedroom, where she now spends most of her time after suffering a fall last year. It’s where she wanted to live out the rest of her life, surrounded by her longtime friends and…

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