San Francisco seems to have it all: newly created tech companies, “unicorns” (businesses that are new, private, grow fast, and are worth at least one billion), as well as commercial properties. Its bay is lined with three-story cranes and it is the place with the fastest developing real estate area in the country. All these make the city an ideal location for the annual “San Francisco State of the Market” symposium. The event was created by Bisnow, who is a top news and events company. Boris Mizhen, a property developer and online marketer from New York, also attended the conference. It started on January 20th with a talk by keynote speaker John Kilroy, the Chairman, President, and CEO of the Kilroy Realty Corporation. Developers, investors, engineers, and local leaders met to discuss the issues that will shape the market in the upcoming period, including sustainability, the tech boom, and rising housing prices.
The focus of this year’s ‘San Francisco State of the Market’ conference was on the biggest real estate trend in the city – tech demand. In the previous year, at least 14 different companies signed leases, each at over 9,000 square feet, for research and creative office space; 60% of those leases were dedicated to businesses working on technology developments. San Francisco’s real estate professionals discussed the most pressing question of whether the market can sustain such a rapid growth. Many experts are concerned that the commercial real estate bubble will burst, and while Boris Mizhen agrees that the high prices and fast growth will be difficult to sustain, he is optimistic about the year ahead. The top minds who are actively working on plans for growth spoke at ‘San Francisco State of the Market’, including the city’s Planning Director, John Rahaim, and real estate business experts Ken Perry and Jack Sylvan, the CEO of the Swig Company and VP of Development at Forest City, respectively. The meeting agenda included talks on the City’s Perspective and the Future of Office and Development.
Another important discussion at the conference was the emphasis on future sustainable construction. Boris Mizhen has made careful planning and property improvement a cornerstone of his work as a real estate developer and manager, and was in attendance while executives discussed upcoming plans for further construction. San Francisco, long known for progressive thinking and leadership, will see a lot of work in this area, as the city’s developers and managers look for creative ways to boost the industry within a viable and environmental framework. Experts in sustainable engineering, including Nik Lahiri, President of Essel Environmental Engineering and Consulting, and Christian Agulles, Principal of PAE Consulting Engineers, spoke on the possibilities that lie ahead for the city. After the talk on Construction and Design, the meeting concluded with a late morning networking session. Now in its fourth year, Bisnow’s Bay Area trade show remains an event charged with excitement and optimism and has heralded a vibrant year in the commercial real estate market for San Francisco.
Boris Mizhen is a New York-based entrepreneur that has proven himself as one of the country’s leading property developers, business strategists, and investors. He started his career in real estate after establishing himself as one of the most innovative online marketers in the world. Mizhen owns and manages dozens of successful properties across the North Eastern United States and is continuously looking for new ways to advance the workings of the real estate industry. His passion for buying and improving housing for people of differing economic backgrounds parallels his love for charitable work, including the Jewish Foundation of Greater New Haven and Chabad of the Shoreline, whose annual festival he has sponsored for over a decade.
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