South of Market Attracts New Tech Firms; Toll Authority Votes for New HQ
- Oct 19, 2011
San Francisco has to be happy with all the interest it’s seeing from starter and medium-tech companies that are set to relocate to the Bay Area. Demand is at an all-time high, with millions of square feet expected to be sought during the coming years. The San Francisco Chronicle is reporting the interest of about 40 tech companies in the South of Market area, needing as much as 2 million square feet of office space. San Francisco has already seen an impressive 1.6 million square feet contracted this year, according to Colliers International.
South of Market is definitely enjoying the attention and so is mayor Ed Lee, who recently attended the opening of a new tech office. A plethora of smaller, online gaming companies are moving to the SoMa tech hub, with the latest being Idle Games. The company develops a series of Facebook games, most notably Idle Worship.
A big relocation project is also in the works for the City by the Bay after the Toll Authority recently voted in favor of a plan that would buy a San Francisco building for use as its new HQ. The approved cost of the building will be around $93 million. The toll authority is set to share the future facility with the Metropolitan Transportation Commission, as well as the Bay Area Air Quality Management District and the San Francisco Bay Conservation and Development Commission, the San Francisco Business Times reported.