Development Updates in the Greater Bay Area:
Real estate professionals in the Bay Area feel hopeful this year after a long stretch of economic hardship brought on by the pandemic. The lasting effects of pandemic-era lockdowns and remote work trends have left many offices vacant, driving companies to relocate out of the once highly sought-after area. High rates of homelessness and rising crime also contribute significantly to relocation efforts. However, local real estate developers are not giving up. Many local players are seizing opportunities to make the most of current market conditions. Here’s a look at what’s in store for the Greater Bay Area real estate market in 2023.
International Travel Policies May Impact Residential Sales
Asia-Pacific-based real estate investors and developers have long maintained a significant presence in the Greater Bay Area. So, when pandemic-era travel bans complicated international travel, the local real estate market took a hit. In a recent statement to AsiaOne, the Vice President of Greater China & Head of Consulting for Cushman & Wakefield, Alva To, sang a new tune.
Despite the slowdown of residential transactions in the area in 2022, To voiced that the recent relaxation of Hong Kong’s national pandemic policies and border restrictions will likely drive residential purchases in 2023. See what this means for the Greater Bay Area’s residential real estate market in the new year.
San Francisco’s Ferry Building Gets Capital Improvements
The Ferry Building, a historic tourist attraction and transportation facility, is gearing up to receive several capital improvements in 2023. The two-year, two-phase will be led by Los Angeles developer Hudson Pacific Properties and designed by San Francisco architecture firm Page & Turnbull.
The improvements will focus on modernizing the space and expanding the facility into the bay and the Embarcadero. On the bay side, Hudson Pacific is planning to extend the glass line of the rear facade with an operable window system and add space for two waterfront restaurants and additional retail space. On the Embarcadero side, the firm plans to add enclosed space for new kitchens and enough indoor seating for three restaurants. Further improvements include installing new lighting, heating, and movable overhead panels to allow for year-round usage of the space.
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California Digest