Why Facebook, Salesforce, Google & Others Are Making the Move to SoMa
SoMa has swiftly become the city’s proclaimed economic hub where notable tech giants are competing to put down roots. As of recent, Facebook signed San Francisco’s largest office lease in three years, taking up residence less than half a mile from The Harrison. Along with Apple, LinkedIn, Google, Dropbox and Salesforce, Facebook has recognized SoMa’s economic and territorial appeal.
Migration of the Minds
Why SoMa? The answer is simple. Those working within the tech industry are seeking a metropolitan environment and, of course, a less arduous commute. Young professionals are likely to choose a vibrant urban setting over the suburbs of Silicon Valley; thus SoMa has flourished from a bygone industrial district into a sought-after locale for young entrepreneurs to level-up their careers. The nation’s most innovative tech businesses have caught wind of this urban migration and, consequently, are following suit to tap into this wellspring of talent.
Salesforce Settles In
Salesforce has been particularly privy of SoMa’s budding tech landscape. In fact, the software company established a five-month program, known as The Salesforce Incubator, to help select start-ups and consulting firms deliver innovative solutions to their customers. Set within a historic office space in SoMa, the rotating program is designed to nurture entrepreneurship in a locale that has become, without a doubt, the nation’s newest innovation hub. Additionally, this past summer, Salesforce signed a 25-year, $110 million deal with the new Transbay Transit Center which, too, entails naming rights. As such, the complex and 5.4 acre rooftop space will be known, respectively, as the Salesforce Transit Center and Salesforce Park.
Nonetheless, this massive shift to SoMa is not solely beneficial to those within the tech industry. As demand for property increases, the high-end SoMa real estate market will undoubtedly reap the benefits. According to data released by the San Francisco assessor-recorder’s office, “South of Market has the distinction of being the city’s highest-valued neighborhood.” As the San Francisco Chronicle noted, the construction of business developments and high-rise towers, including The Harrison, have pushed SoMa’s assessed value to an impressive $17 billion.
While SoMa may be a portmanteau for South of Market, the neighborhood sits within the center of San Francisco’s most coveted real estate market. With that being said, now—more than ever—people are yearning to call SoMa home. Beyond the neighborhood’s budding economy, those who live within SoMa boast proximity to their employers, public transportation, parks, local restaurants, prime shopping and, of course, the ever-alluring bay. With a short commute via bike or on foot, people are finding more time to enjoy and explore the city’s cultural nuances. For those who live at The Harrison, SoMa’s landmark residential high-rise, the luxuries of high-end interior design and nearby attractions are seemingly endless.