Supervisors Aaron Peskin and Mayor Mark Farrell behind an ordinance that would allocate square footage from office space conversions back into the pool of space that can be developed for office. According to the San Francisco Chronicle, the ordinance would add approximately “1.3 million square feet” of potential office space under the cap.
In addition to adding some relief to the tight office market, the ordinance also hopes to green-light two “high-profile projects to move forward: Kilroy Realty’s Flower Mart, which will consist of 2 million square feet of offices on top of the flower vendors, and Tishman Speyer’s 598 Brannan St., which would include a 38,000-square-foot public park, 91 affordable housing units and 72,000 square feet of industrial space.”
