Business & Employment

Clean Technology
For over half a century, the state of California has been a leader in United States clean technology initiatives. The state is home to more than 10 of the nation's major clean tech firms. It's no surprise that the San Francisco Bay Area, with a reputation for environmental thinking and clean-air policy, stands as a forerunner in the science and lawmaking that advances renewable and non-polluting energy production.

At both the state and local level,clean technology continues to be a central concern among lawmakers and government bodies. San Francisco Mayor Gavin Newsom, in November 2005, implemented a new clean technology advisory council, focusing on development of new jobs in clean-tech industries. At a joint US-China Energy Conference in late 2005, Governor Arnold Schwarzenegger demonstrated the high energy efficiency and clean manufacturing power of San Francisco and California's leading oil and energy firms. The governor has called on foreign powers and world diplomats to increase trade relationships with California businesses specializing in clean technologies,reasserting the state's role as an unofficial representative of United States clean-tech operations. The governor has stated that California, in cooperation with nations such as China, must look toward hydrogen technology as a way to clean the world's air.

Recent Bay Area investments in clean technology include a $2 million investment in Nanosolar to develop inexpensive flexible solar cells, a $15.6 million contribution to fund a direct methanol fuel cell created by Polyfuel for mobile applications, and a $13.5 million round to fund Konarka Technologies' superior flexible polymer technology. According to a study by the Natural Resources Defense Council and Environmental Entrepreneurs, investments in California's clean tech industry through 2010 may easily create more than 100,000 jobs statewide.Many of these jobs are predicted to originate right here in the Bay Area. It's no wonder that investors and economists are calling clean-tech the 'next best thing' in Bay Area technology.

Commercial Real Estate
San Francisco's office market is strong. In the final quarter of 2007, vacancy dropped to 9.9 percent overall,with 503,674 square feet of positive net absorption in the quarter, bringing the year-to-date absorption total to 1,665,275. From its high of 19 percent in the second quarter of 2003, vacancy dropped 52 percent. This marks the 14th consecutive quarter in which San Francisco posted net absorption. All of which translates into increases in leasing rates. Overall average rental rates for deals closed were $50.41 per square foot (weighted) and $44.35 (non-weighted) by the end of 2007, while Financial District rates were $53.14 (weighted) and $45.25 (non-weighted).

Financial Services
One of San Francisco's leading industries is financial services, and it drives much of the region's economy. The city is presently home to the third- and seventh-largest commercial banks in America,Bank of America and Wells Fargo, respectively. Charles Schwab Co. is also headquartered in San Francisco. Home to the Federal Reserve Bank of San Francisco, a US Mint, the Federal Home Loan Bank, an office of Thrift Supervision and the headquarters of the California State Banking Department, San Francisco deserves its global financial reputation. Key to the economic vitality of the city is its position as the center of the region's international trade and commerce.
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