The Real Deal Miami

National Market Report: SoMa development reshaping San Francisco; Philly’s hot retail market … and more

The City of Brotherly Love is undergoing a property market revival.

The City of Brotherly Love is undergoing a property market revival.

From the New York magazine’s December issue: San Francisco’s skyline is being transformed by development in the South of Market, or so-called SoMa, neighborhood. The area, which was rezoned back in 2005, now serves as a hub for big tech companies, expensive condos and newly built residential and office buildings. Salesforce Tower, an office tower that’s slated to be the city’s tallest, is under construction in the neighborhood, as well as other luxury buildings. Among the completed projects, One Rincon Hill has had residential units selling for about $1 million. Its average monthly residential rent, at $6,027, is among the priciest in the city. [more]