Premier Business Centers




The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
August 12, 2022
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





NORTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Office/Retail Building on Market Street in San Francisco Listed for Sale

6/23/22

A six-story plus basement, 50.9k sf office and retail building located on San Francisco’s Market Street has been put on the market. The property, 1049 Market, offers the buyer one of the first office-to-residential conversion opportunities in San Francisco.

The property is zoned C-3-G, which permits a wide range of uses including residential, office and life science. The flexible zoning allows for a variety of business plans, including leasing the office space as-is, completing upgrades to increase rents or converting the building from office space to residential.

The property offers a prominent Market Street location surrounded by multiple new residential projects, a new IKEA store and the new 700k sf 5M project. The transit-oriented and highly walkable location is just steps to BART and MUNI. The building is also proximate to some of San Francisco’s finest retail and entertainment offerings including Whole Foods, Mikkeller Bar SF, Proper Hotel, The Melt, Westfield San Francisco, The Warfield and Montesacro.

Mark Geisreiter, Seth McKinnon and Nadav Kariv with Newmark are the investment sales advisors marketing the property on behalf of the seller. An asking price was not given out.

“With an office vacancy rate above 17% and strong residential demand in San Francisco, there is significant investor interest in converting office buildings into residential projects,” said Geisreiter. “1049 Market Street—the first conversion opportunity on the market in the area—offers a prime location, favorable floor configuration and existing improvements suitable for residential, making it an ideal candidate for conversion.”

Given relatively stronger market fundamentals, U.S. investors have increased allocations to multifamily properties while decreasing allocations to office assets over the past several years, according to Real Capital Analytics data analyzed by Newmark Research. Between 2007 and 2011, investors allocated 22% of commercial real estate investment dollars to multifamily assets and 28% to office assets. As of the first quarter of 2022, office allocations had declined to 15% while multifamily allocations had risen to 34%, the highest of all major property types.




Return to the previous page


 


 


 
 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2022 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media