The renaissance of SoMa
Here's a great story from the SF Biz Journal about the renaissance of the South of Market area in San Francisco as a center of Internet start-up activity.
And along with it has come a revival in other areas, such as a restaurant boom (more than half a dozen restaurants have opened in recent months, including Jack Falstaff, Coco 500, Zuppa, Kingfisher, and the San Francisco Supper Club), and, of course, jobs (San Francisco technology job ads on Craigslist.com sagged to a monthly low of 150 in December 2001 and remained there for a year. This August, tech job postings swelled to 1,000).
...the renaissance of SoMa. It turns out that what was once Multimedia Gulch is reborn as Podcasting Gulch. Within a few blocks you can find Adam Curry's Podshow, Evan Williams's Odeo, and podcasting newbie Loomia. There's also Yodel Search, a blog search start-up and in gaming there is Perpetual Entertainment and Secret Level as well as Robotic vending machine company Zoom Systems.
The Journal finds that SoMa is still the HQ for SF's digerati. Of the 110 San Francisco companies that won VC funding during 2004 and the first two quarters of 2005, 61 have offices in SoMa. In the most recent quarter, SoMa companies raised $188.6M, 81% of all the VC cash raised by San Franciscans. SoMa is now attractive given its 18.5% vacancy rate is down from 30% rate two years ago but still comfortable.
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