South of Market, or SoMa, is a neighborhood in San Francisco that contains sub-neighborhoods such as South Beach, Mission Bay, and Rincon Hill. Some real estate agents consider this neighborhood part of Downtown San Francisco. SoMa houses numerous media, design, software, and technology companies such as Foursquare, IDEO, Google, Wired, Pinterest, LinkedIn, Trulia, Dropbox, Yelp, Airbnb, Uber, GitHub, and CBS Interactive.
South of Market is a very large district with some quiet, less densely populated areas that are under construction. Most of the activity centers around South Park and the Giants ballpark, the Yerba Buena gardens, and Eleventh Street. Though it does contain a lot of technology-related businesses, SoMa is also known for its wholesale markets and superstores. It has warehouses and auto repair shops, too. Many of the city’s museums are in SoMa, including the San Francisco Museum of Modern Art, the Museum of the African Diaspora, and the Contemporary Jewish Museum.
South of Market Office Space | Lease Data & Trends
South of Market includes nearly 6 million square feet of commercial real estate space, with more than 422,000 additional square feet currently under construction. Right now, 7% of the fully developed spaces are vacant and available for rent.
Those seeking office spaces in South of Market can expect to find prices averaging about $75.50 per square foot. This pricing is comparable to that of other popular areas within the Central Business District such as the North Financial District. South of Market offers plenty of Class A, Class B, and Class C options, though most of the office buildings in the neighborhood are Class B.
What Our Brokers Say About South of Market
South of Market is bounded by Market Street on the northwest; the San Francisco Bay on the northeast; Mission Creek on the southeast; and Division Street and 13th Street on the southwest. However, some disagree about what the exact boundaries of the neighborhood are. The name “South of Market” can refer both to the entire neighborhood and also to a very small portion of it that retains older character that has faded away in some degree in other parts of the neighborhood because of gentrification.
South of Market is a very large neighborhood that contains some sub-neighborhoods and overlaps with nearby neighborhoods. Here is a brief summary of some important sub-neighborhoods in or overlapping with SoMa:
This sub-neighborhood comprises the area from King Street to 3rd Street. It’s near China Basin and includes both AT&T Park and some buildings from the Academy of Art University. It’s a very affluent area.
Townsend Street borders Mission Bay to the north, Third Street borders it to the east, Mariposa Street to the south, and 7th Street to the west. The neighborhood began as an industrial district, but it’s currently under construction to create more residential and commercial opportunities. It’s also the future home of the Chase Center, an arena that will house the National Basketball Association. The area is also known for housing a large number of biotechnology companies.
Rincon Hill rests on one of San Francisco’s famous hills, which is about 100 feet tall. Before the 1906 fire and earthquake, the neighborhood was primarily residential, but it was rebuilt to be more of an industrial area.
South of Market residents and employees enjoy a variety of reliable transportation options to visit places within the neighborhood and surrounding areas. Caltrain is a commuter rail line that transports travelers between San Jose and San Francisco. SoMa residents can easily walk to the San Francisco Municipal Railway (MUNI) Metro or visit one of the many Bay Area Rapid Transit (BART) stops within the neighborhood. Market Street features its own dedicated transportation, the F-Line Streetcar. Bus options include MUNI, Greyhound, AC Transit, Golden Gate Transit, and more.
Those who prefer to drive their own cars to get around will find that SoMa has direct access to the surrounding neighborhoods. Though parking is a challenge, there are plenty of parking garages in the area. Traveling by water is an option, too. Both the Golden Gate Ferry and the Alameda Oakland Ferry stop at AT&T Park. People who like to walk to work or prefer to get around on two wheels will enjoy South of Market. The area is generally safe for pedestrians and is ideal for cycling since the ground is relatively even and uncharacteristically lacking hills.
Locals and traveling business people can try out a variety of different destinations for lunches and business meetings. Some of the best spots are Zero Zero, Prospect, Barcha, Salt House, and Town Hall. South of Market is a large neighborhood, so it should come as no surprise that it includes a variety of beautiful parks to explore. If you need a break from the office, take a brainstorming walk through Yerba Buena Gardens, Victoria Manalo Draves Park, or Rincon Park. Soma also includes AT&T Park, a baseball park, which is a fun place to visit.
South of Market History
SoMa’s history dates back to 1847 when San Francisco’s magistrate asked surveyor Jasper O’Farrell to extend the limits of the city, which was then called a village or pueblo. Originally, the area that’s now called South of Market was referred to as 100 Vara. In the beginning, SoMa included mostly residential buildings, with a small business district and some industrial activity near the waterfront. When the 1906 fire and earthquake demolished the neighborhood and surrounding areas, developers rebuilt the area with wider roads. That was the first of many redevelopment projects that resulted in the addition of conference centers, museums, and performances spaces, which SoMa eventually became known for. Today, the neighborhood features some of the tallest buildings in the nation and houses a thriving technology community. The area has been designated for even more updates and developments, and more office spaces are currently under construction.