Early-stage AI startups are imbuing new life into San Francisco’s Northern Waterfront, after years of “for lease” indicators dotting the post-pandemic panorama. In accordance with the San Francisco Enterprise Instances, 5 AI-focused corporations — 4 backed by Y Combinator — just lately leased 23,900 sq. toes on the Waterfront Plaza advanced. That is a part of a citywide pattern: AI corporations are one of many few sectors increasing in San Francisco, accounting for 1.6 million sq. toes leased final 12 months and now occupying 5 million complete, per the true property providers agency CBRE. (Unsurprisingly, OpenAI accounts for a large chunk of that total determine.)
If CBRE’s projections are to be believed, there’s rather more to return. It thinks these scrappy startups may attain 21 million in sq. toes inside 5 years, probably halving town’s present 35.8% emptiness price and creating tens of 1000’s of jobs. “It may essentially change the vibrancy of downtown,” CBRE analyst Colin Yasukochi tells the outlet.
Waterfront Plaza is a five-building campus totaling 442,000 sq. toes whose tenant combine tends to shift with financial traits. Amongst its previous tenants is WeWork.
