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Office real estate in San Francisco continues to perform well, helped by constrained supply — even with all of the new construction under way — and the same booming economy that’s boosting residential prices. CNBC reports that Jones Lang LaSalle estimates that office asking rents in the city average $63 per square foot, more than double the national average.
Commercial developers have received one bit of good cost news. The prices of steel and cement have moderated thanks to the economic slowdown in China, which has put upward pressure on prices for years as its booming economy and rampant building programs sucked in construction materials from around the world.
