BOMA | Building Owners and Managers Association of San Francisco
Advocate: An Update on Legislative, Regulatory, and Political Issues Affecting Commercial Real Estate
June 25, 2015
Volume 21, Issue 6
San Francisco's Economic Barometer
Quarterly Update

The purpose of the Economic Barometer is to provide the public, elected officials, and City staff with a current snapshot of San Francisco economic indicators. The Economic Barometer reviews general economy-wide employment indicators, as well as major sectors of the City's economy, including real estate and tourism.

Issuance of the Economic Barometer will be on quarterly basis. Indicators will be updated at sfbarometer.weebly.com, which will include data visualizations of the economic indicators along with a PDF of the quarterly summary. Data on the website will be updated throughout the quarter as it becomes available.

Highlights:

  • San Francisco's unemployment reached a new low of 3.4% in April, the city's lowest April unemployment rate since 2000.
  • Technology industry employment is accelerating in San Francisco and San Mateo counties. Jobs in the Computer Systems Design and Related Services industry, the largest technology industry in the San Francisco, grew 18% in twelve months through March 2015. While tech growth had slackened somewhat during 2013, the second half of 2014 saw its employment growth return to levels seen in the early stages of the area's economic recovery.
  • Class A office rents have followed the same trend. According to JLL, asking rents grew 15% over the past 12 months, after growing only 6% from March 2013 to March 2014. Class A vacancy has dropped from 11.3% to 9.9% by March of this year.
  • Across all industries, private non-farm employment grew 5.1% annually through March, somewhat slower than the rates seen in 2012. However, five years into a period of economic expansion, current rates of employment growth remain very high by historical standards.
  • On the other hand, while housing prices are still rising rapidly, growth has slowed. According to Zillow, the city's median housing value rose by 11%. In 2013, prices were growing at a 20% annual clip.

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In This Issue
BOMA Protects the Commercial Real Estate Industry - Proposition 13/Split Roll Property Tax
•  California Senate Constitutional Amendment 5
BOMA San Francisco Members Meet with San Francisco Supervisor David Campos
•  Topics Included Prop. M Development Limits and Legacy Business Registry in San Francisco
BOMA San Francisco's Drought Coverage
•  San Francisco Public Utilities Commission Orders Mandatory Water Reduction on July 1, 2015
Port of San Francisco Waterfront Plan Working Group and Advisory Teams
•  BOMA Member Participation is Requested by July 17, 2015
BOMA SF-PAC Slate Card for the November 3, 2015 San Francisco Municipal Election
•  Elect These Leaders for San Francisco This November
BOMA International's Political Action Committee (BOMAPAC) Needs Your Support
•  Jim Collins with Shorenstein is leading the effort for BOMA San Francisco
BOMA California Energy Update - Electric Vehicle Charging Stations
•  EV-Ready Building Standards Set to Take Effect on July 1, 2015
UPDATE: California Proposes New Elevator Maintenance Rules
•  Costs May Increase for Elevator Maintenance
California Commercial Real Estate Summit
•  BOMA San Francisco Members Advocate for Prop. 13 and More
San Francisco's Economic Barometer
•  Quarterly Update
San Francisco Permit Cost Calculating Schedule
•  From the San Francisco Department of Building Inspection
U.S. Department of Energy Crowdsourcing Initiative
•  Seeks Buildings-Related Problems to Solve
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Shorenstein provides asset management, leasing, property management and construction services to the properties in its portfolio through its wholly-owned property services affiliate, Shorenstein Realty Services.

Seamless Integration of Capabilities

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Please click here to learn more about Shorenstien Realty Services, L.P.

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ADVOCACY EVENTS
•  Energy and Environment Committee Meeting
July 7, 2015
Ferry Building, Port Commission Hearing Room
Please click here for more information.
•  Government Affairs Policy Advisory Committee (GAPAC) Meeting
July 8, 2015
235 Montgomery Street (Russ Building), 7th Floor 
Please click here for more information.
• 
Codes and Regulations Committee 
July 22, 2015
201 California Street, 2nd Floor Conference Room 
Please click here for more information.
• 
Emergency Preparedness Committee Meeting
August 11, 2015
Location 225 Bush Street, Montgomery Burns Boardroom
Please click here for more information.
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