San Francisco Supervisors Approve Amended Development Agreement for Fifth Space’s 29-Acre Power Station in Dogpatch
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
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On the RET wire
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San Francisco supervisors approve Fifth Space's amended Power Station development agreement, adding flexibility for 2,600 homes in Dogpatch. The post San Francisco Supervisors Approve Amended Development Agreement for…
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