SAN FRANCISCO-In much the same way that it revolutionized the workplace, the tech industry is redefining the concept of corporate housing, and in San Francisco in particular, growth in corporate housing is impacting the broader residential and hospitality markets.
Anthony Gonzolez, business development associate at Synergy Corporate Housing of San Ramon recently took a reporter from the San Francisco Chronicle to see an apartment the company leases in the Nema complex. Synergy then releases those apartments to companies like Twitter and Square, who provided them to interns, contractors and new employees who need to be in town for a month or longer.
“This is more comfortable than a hotel, and includes access to all the building's amenities, from the solarium to yoga classes,” Gonzalez told the reporter. “With clients like Yelp, Uber, Dropbox, Zynga, Twitter and Square, we're excited to be here in the middle of the new Mid-Market area.”
Synergy, which recently opened an office in San Francicso, competes with Oakwood Worldwide, which the Chronicle says is the corporate housing industry leader. Oakwood controls more than 1,000 units in the Bay Area — mostly in Silicon Valley. About 200 of those are in San Francisco, which the company says is by far its fastest-growing region. Synergy hopes to hit 400 units in the city by the end of 2014.
Unlike hotels or extended-stay residences, corporate housing requires a minimum 30-day stay — which means travelers are not subject to the hotel occupancy tax. Corporate housing prices are comparable to a hotel (the Bay Area average is $171 a night) but the units are located in neighborhoods and have kitchens, and other homey features—perks that customers can offer to their long-term travelers.
“A hotel room can get claustrophobic in 30 days,” Mark Skinner, a partner at the Highland Group, a hospitality consulting and research firm, told the Chronicle. “Corporate apartments give a full residential experience.”
Highland estimates that the overall U.S. corporate housing market is doing $2.66 billion a year, or about 2% of the overall hospitality industry.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
