With over 2 million square feet of new office development having recently been approved and granted a coveted allocation from San Francisco’s bank of allowable “Large Cap” office development, the Proposition M limited pool to which 875,000 square feet of allocable space is added every October now totals 896,752 square feet. And that’s after this year’s allotment was added last week.
At the same time, the pipeline of Large Cap developments in the works currently totals over 6 million square feet, including over 2.2 million square feet of space in developments which are likely to be competing for an allocation over the next quarter or two, developments which include the first phase of Mission Rock (500,000 square feet), the tower to rise on Transbay Parcel F (275,000 square feet), the One Vassar project (433,000 square feet), two buildings totaling 450,000 square feet of new office space at Pier 70, and the first phase of the Central SoMa project rendered above and now known as “Harrison Gardens” (500,000 square feet).
With that in mind, the City is now planning to revoke a number of earlier Prop M allocations that were either never or only partially used, but such clawbacks would only add another 227,000 to 486,000 square feet of allocable space to the bank, for a potential near-term deficit of at least 818,000 square feet over the next year.
We’ll keep you posted and plugged-in.