The first comment from our post entitled The Union Street Blues (“according to the Chronicle 35 businesses “went under from the start of 2008 through the second quarter of 2009 in the six blocks on Union Street between Octavia and Pierce” while 7 opened up”) four months ago: “There’s nothing price won’t fix.”
From the San Francisco Business Times today:
Three restaurants — American Cupcake, Roam Artisan Burgers and Marengo on Union (selling wine, whisky and sliders) — plan to open [on Union] in May. Later this year, 1875 Union St. will welcome Unwind on Union, Cafe des Amis will finally open at 2000 Union St. and the old Bayside at 1787 Union St. will open as Brick Yard Bar and Restaurant on June 5.
They join the five retailers who have opened on Union (and a stretch of Fillmore just north of Union) since Dec. 22. At least six more addresses have deals for new tenants.
“It took owners a while to see that if they wanted to lease their spaces, they had to reduce their prices. It was not something they had ever had to do in the past,” said Peter Mikacich, a broker with Brick & Mortar. “Landlords who came to grips with that early in the process were the first to lease up space.”
According to Mikacich rents on Union Street have come down about 25 percent, from $80 to $100 a square foot for the best locations previously to $60 to $75 today.
∙ The Union Street Blues [SocketSite]
∙ San Francisco’s Union St. rebounds [San Francisco Business Times]