By: Katy Scheck, Director of Marketing
Pizza vs burrito. It’s a dilemma I face 24/7. With only 7 days in a week it seems impossible to consume enough of the 2 best foods on the planet. I would go see a movie called Pizza vs Burrito before I saw one called Batman vs Superman (good thing there would never be a movie called ‘Batman vs Superman.’ Oh wait.)To add to this conundrum, I’m on a constant search for the MOST delicious pizza and the tastiest burrito available. I have my priorities straight. One thing that’s clear is that if I want the best slice of pizza I should hop on a plane to New York City. And, for a guaranteed great burrito I can stroll up the street in my current city of San Francisco (gotta say, though, I have yet to find one as tasty as the El Camion burrito in Seattle).
Because I’m unable to lead a bi-coastal life, I don’t think I’ll ever solve this serious issue. Should I move to New York (PIZZA!)? Should I stay in San Francisco (BURRITOS!)? They’re 2 cities that are known for their distinct personalities and reputations, but with similar picturesque water views, iconic skyscrapers, and great public transportation. While the Big Apple has always been widely regarded as the faster-paced, more expensive urban destination, the City by the Burrito is now quickly closing the economic and status gaps.
Julia Georgules, JLL’s Director of Research Analysis, has been diving into research comparing how San Francisco’s recent rapid rental increase and growing development is pushing it into direct competition with New York City. In fact, in some areas, the home of the burrito has now surpassed the home of the pizza! While the asking rate for commercial real estate is still higher in NYC ($66.74 per square foot in NYC vs $65.15 in SF), average residential rent rates in SF, at $3458, are now higher than NYC at $3427. With rates like that, it’s hard to fit any extra burritos or pizza into a budget.
Some other interesting things Julia found- job creation over the past two years has jumped by 9.2 percent in San Francisco, 1.6 times faster than the 5.9-percent growth seen in New York. On the other hand, New York sits at the heart of a region more than triple the size of the Bay Area, spanning three states and numerous metropolitan divisions totaling roughly 20 million people.
So- If NYC and SF both cost the same (and it looks like they might soon), which would you choose? To check out an infographic comparing the two cities that may help your decision, click here. For the latest and greatest on an investment perspective across the 2 cities, download JLL’s full report, New York vs. San Francisco here. In the meantime, I just got really hungry. Any recommendations on where I can find the best burrito in SF?