It’s no surprise to anyone that San Francisco is the least affordable place to live. Yet, the San Francisco Chronicle reports there’s 27 million square-feet of space available (2023). These vacancies are in the commercial real estate market and not residential, but there’s an opportunity here for San Francisco to emerge post pandemic and after tech-layoffs with a sustainable solution to one of it’s most challenging problems.
The commercial real estate market growth was significant in San Francisco and nowhere is a sharp decrease in office rental prices and office vacancy. An opportunity like this doesn’t come very often where there is a confluence of empty space and general consensus on the need for affordable housing.
One of the most significant drivers for the lack of affordable housing in San Francisco, according to SPUR, San Francisco Planning and Urban Research, is that there just isn’t enough housing being built. Converting commercial spaces for housing is no simple task, but in many ways the investment is much less in a conversion than building from the ground up as well as the speed to market. These conversions will require not just an entrepreurial spirit, but help from policy makers, like the City of San Francisco to provide fast track permitting, incentives, and changes to zoning regulations. The benefits to the city can be significant and revitalize neighborhoods that are stuggling as the pandemic continues to proceed. The planners and policy makers of San Francisco have the power to generate momentum for this conversion to get momentum.
Adaptive reuse is one of the most sustainable ways for San Francisco to make affordable housing sustainable and conversions of office to residential a sustainable solution. Demolishing old structures and building anew leaves a large carbon footprint regardless of how sustainable the new construction was designed.
As we think about the future of San Francisco and emerge in new economy post pandemic, let’s consider the possiblities of doing things different. With the support of City Planners and an entrenpreuerial spirit, the face of the City can be redeveloped to a more sustainable working and living urban environment.
Two articles for further information: