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Mission Bay Rent Jumps 21%, Downtown SF’s Booming, and OpenAI Expands

Mission Bay Rent Jumps 21%, Downtown SF’s Booming, and OpenAI Expands

This week’s biggest shifts: soaring rents, surging AI leases, and a new vibe in the heart of SF.

Wilson Leung
August 08, 2025

Hello Bay Area!

It's (finally) Friday, and the energy is unmistakable. Tech leases are rising, rooftops are turning into concert venues, and the food scene just leveled up.

Here’s what’s shaping our neighborhoods this week — from real estate to restaurants to weekend plans. Let’s get to it.

Back to School Backpack Giveaway

Space is limited—be sure to RSVP and choose a time slot to reserve your backpack. We hope you can be a part of it!

⭐️ RSVP here…

OWN Real Estate is excited to host its first ever Backpack Giveaway on August 24 and 25! (9am-5pm) This family-friendly event is part of our ongoing effort to give back to the community by supporting local families and helping students head into the school year feeling confident and prepared. We’ll be giving away backpacks to local students, along with light refreshments, a pop-up photo station, and a pin station where kids can personalize their backpacks.

Bay Area Developments & Real Estate

Mission Bay Rent Surge: +21.7% YoY
Mission Bay leads San Francisco in rent growth, with a 21.7% increase in one-bedroom rents over the past year, driven by tech leasing and limited housing supply. Hayes Valley (+13.5%), SoMa (+11.4%), and Civic Center (+10.9%) follow close behind.

Empire Records Rooftop Venue Plans (One Montgomery, SF)
Empire, the music label behind Kendrick Lamar and Cardi B, plans to convert its downtown HQ rooftop at One Montgomery into a public concert venue. The proposed space would host artist showcases, industry panels, and private events—part of a growing movement to breathe life into SF’s Financial District.

OpenAI Expanding Again in Mission Bay
OpenAI is in final talks to lease 210,000 sq ft at 455 Mission Bay Blvd., previously occupied by biotech firm Nektar. If completed, this deal would further cement Mission Bay as a hub for AI and life sciences. OpenAI already signed SF’s biggest office lease of 2024 at nearby 550 Terry Francois Blvd.

Market Trends

SF Home Prices Hold at $1.71M
San Francisco’s median home sale price for June 2025 was approximately $1.5 million, up 2.7% year-over-year. Broader housing value indices show average home values closer to $1.29 million, with modest declines in some metrics.

Office Space Rebalancing: Meta → Moloco
Ad-tech firm Moloco has subleased 60,000 sq ft from Meta in Menlo Park, doubling its headquarters size and signaling continued demand from growth-stage tech companies in Bay Area office markets.

🍽️ New Restaurants to Try

🥯 Schlok’s Bagels & Lox (FiDi, SF)
Opening August 11 at 315 California Street, this expanded outpost brings handmade bagels, house-cured lox, and excellent people-watching in a historic downtown building.

🍲 The Happy Crane (Hayes Valley, SF)
Just launched on Gough Street, this modern Cantonese concept from Chef James Parry is serving XO seafood, duck leg, crab rice rolls, and Ferrero Rocher-inspired mochi desserts.

🌮 Precita Social (Bernal Heights, SF)
Chef Greg Lutes (3rd Cousin) brings uni tacos, disco fries, and a rooftop raw bar to this new casual-yet-refined spot at 300 Precita Ave — opening this month.

🍷 Bahche (San Mateo)
Just launched in the Hillsdale neighborhood, this family-run Mediterranean wine bar and restaurant is the latest venture from the Karadogan family. Expect elevated Mediterranean‑Turkish cuisine in a warm, vineyard‑inspired setting.

🍕 Colander Kitchens (San Mateo)
Launched in July 2025, this new 90-seat space by the co-founder of Sushirrito features at least a dozen mini-concepts under one roof—including fresh pastas, seafood tacos, French Riviera–inspired pizzas, espresso, and more—with plans to roll out additional culinary ideas soon.

🍤 Seafood City (Daly City)
Daly City welcomed its first Seafood City location at St. Francis Square on July 31, 2025. Designed as both a Filipino grocery and food hall, the space includes in-house brands like Grill City (for barbecue and grilled dishes) and Baker’s Avenue (for Filipino sweets such as ube crinkle cookies).

Upcoming Events Guide

Outside Lands 2025
📅 August 8–10
📍 Golden Gate Park
Featuring Tyler, the Creator, Doja Cat, and Hozier — plus limited-edition eats like wagyu tostadas and caviar corn dogs.
learn more…

Minted SF: Downtown Night Market
📅 Every Friday (5-9pm) ends September 19
📍 Mint Plaza, SF
Free dance lessons (tango, salsa, Bollywood) followed by open-air festivities and food vendors.
learn more…

Chinatown Night Market
📅 Friday, Aug 15 (8-11:30pm)
📍 Grant Avenue, SF
Street eats, local crafts, and cultural performances — all under the lanterns.
learn more…

San Jose Jazz Summer Fest
📅 August 8-10
📍 Downtown San Jose
Jazz, funk, and Latin soul across multiple stages. A can't-miss summer tradition.
learn more…