Pipeline of Development and Construction Tick Up in San Francisco

by SocketSite

Source: SocketSite

With the number of newly proposed units of housing to be built in San Francisco having outpaced the number of units that recently finished up construction for the fifth quarter in a row, the overall pipeline of apartments and condos under development in San Francisco ticked up to a record 70,960 in the fourth quarter of 2018, which is 5,710 more than at the end of 2017.

And for the fourth quarter in a row, the number of units in approved developments which have already broken ground and should be ready for occupancy within the next year or two has increased, from 7,500 in the third quarter of last year to nearly 8,100 at the end of 2018, which is within 10 percent of the current cycle peak of 8,800 set in the third quarter of 2015 and 41 percent above average for the past ten years.

At the same time, while the number of net-new units of housing for which building permits have either been issued, approved or requested increased by 2,700 to 16,800 at the end of last year, the number of units in projects that have already been approved but not yet permitted (which includes the majority of the 10,500 units by Candlestick, 7,800 units on Treasure Island and 5,680 units at Parkmerced, projects which have overall timelines measured in decades, not years) also ticked up by 1,100 to a record 33,500.

And with proposals for another 12,600 units of housing currently under review by the City’s Planning Department, which was bolstered by the anticipated passage of San Francisco’s proposed Central SoMa Plan (which has since been challenged), San Francisco’s Housing Pipeline now totals a record 70,960, including 13,600 units of “affordable housing” which are to be offered at below market rates, according to our latest accounting of Planning’s database as newly mapped above.