Roughly 1,500 new housing units were built and hit the market in San Francisco over the past four quarters. At the same time, commercial space in the city declined by 187,000 square feet as 172,000 square feet of existing space was converted to residential use.
Today, there are nearly 4,900 more new housing units under construction in San Francisco, most of which are market rate and will hit the market over the next year, numbers which shouldn’t catch any plugged-in people by surprise.
Building permits for another 4,000 units having been approved and permits for another 3,800 units have been requested, a total of nearly 8,000 more housing units on top of those already under construction and which should start hitting the market in two to four years.
Another 28,000 housing units have been approved to be built by Planning which includes 10,500 units by Candlestick, 7,800 units on Treasure Island and 5,680 units in Park-Merced, projects which still have timelines measured in decades, not years.
And with plans for an additional 7,000 housing units on the boards, San Francisco’s total Housing Pipeline currently totals over 48,000 units. For context, around 12,000 housing units have been constructed in San Francisco since 2007; 26,000 new units constructed since 2000.
With respect to the pipeline of commercial development in San Francisco: 620,000 square feet are under construction; building permits for 2,000,000 square feet have been issued; building permits for another 3,800,000 square feet have been requested; and plans for another 5,600,000 square feet of commercial development have been approved.
A breakdown of all the development in the works across San Francisco, both residential and commercial, by neighborhood (click the table to enlarge):
∙ San Francisco Pipeline Report: Second Quarter 2013 [sf-planning.org]