South of Market in San Francisco, around 2001. There was a dot-com bubble, that’s what it was called. And it burst. And reading Bill Hudson’s editorial series, “Chairlift to Heaven” and Chuck Marohn’s recent articles in the Post, take me back to ’01 and that bursting bubble.
One moment, it seemed, you were seeing everything you would expect to see in neighborhoods to the south of Market Street in SF; the average number of ‘For Lease’ signs at old office buildings, the usual activity in neighborhoods.
Then, all of a sudden, everything changed, when up-and-coming high tech businesses headed South of Market, renting every inch of space in buildings. ‘For Lease’ signs suddenly disappeared. Young people, looking a lot like techies, were all over the place, multi-tasking out on sidewalks during breaks, waiting to get tables at old eating establishments. All at once, the place was booming.
Human nature was in play, you assumed. Scarce office space was being leased for ridiculously high sums of money, but tech businesses, with investment capital in hand, were undeterred. So, while some businesses and individuals were doing just fine, others were being left out in the cold, so to speak.
And then, suddenly, the bubble burst. ‘For Lease’ signs made a comeback. You could even imagine building managers standing out front at their buildings waving ‘Space Available’ and ‘Lease Discount’ signs. No more techies gathering on sidewalks during breaks. You could get a table at almost any restaurant.
Now, years later, South of Market and other places around San Francisco are booming, once again, and there’s a lot of development underway.
Reading Mr. Hudson’s and Mr. Marohn’s commentary, you wonder about the future.
Good times are rolling, everything’s booming. At least for now…
Harvey Radin is former senior vice president in charge of corporate communications and media relations, Bank of America Western Region. He makes his home in Redwood City, CA.