San Mateo metro region #1 in “Best Performing Cities”
While the Bay Area’s economic boom marches on, the region was officially recognized for its phenomenal growth by the Milken Institute. The San Francisco/San Mateo/Redwood City metro region was named #1 in the Institute’s recent Best Performing Cities in the USA for 2014.
San Mateo County unemployment reached a low of 4.1 percent in November, continuing a recent downward trend from when it was 6.5 percent in January 2013. The metro’s economy is fed by the entrepreneurial ecosystem of social media and mobile apps, cloud-based software and storage, computer systems design, internet publishing, clean tech, biotechnology, and medical research—in short, the creative and scientific economy.
The quality of the metro’s tech-related jobs, as measured by high wages, is driving the growth. According to the report, “young, technology-skilled workers are flocking to the region.”
No surprise here, as Bay Meadows sees strong demand not only for its for-sale homes, but also for its apartments for rent. Some of those “flocking to the region” are moving into Bay Meadows’ newly opened rental community, Field House. In case you missed it, SFGate and Curbed have the goods on all things rental at Bay Meadows.
Another hallmark of this exciting boom is demand for office space. In the third and fourth quarters of the year, 460,000 square feet of office was leased in San Mateo County. And topping the list of opportunities in the region was announcement of Bay Meadows’ breaking ground on Station 4, a 210,000 square feet Class A office building.
San Mateo County has picked up all sorts of buzz recently for its growth. KQED News is currently running a series called “BoomTown.” The first installment covered Redwood City’s exciting developments. Stay tuned for a segment on the city of San Mateo from KQED soon.
Other signs that the Peninsula is hot, hot, hot:
- Burlingame is considering new housing in its downtown and new offices on its Bayfront.
- Millbrae is in the midst of planning even more development near its BART station with a large-scale multi-use development beginning the planning process.
- San Bruno has raised its height limits in and near downtown and South San Francisco is moving toward a wide-scale revamp of its downtown.
- Foster City has development in the works at its 15-acre site
New construction, luxury apartment living is now available in San Mateo. Located within commuting distance to San Francisco and Silicon Valley, with easy access to downtown San Mateo and Redwood City via Caltrain, Field House at Bay Meadows is the perfect place to live and play. Fantastic amenities include a fitness center, pool, club room with chef’s kitchen, barbeques, and an outdoor fireplace. Learn more about leasing a flat or townhome here.