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This is going to be a short, but notable one.
New York Times might have become the best source for bubble news yet. Just this past Friday, they came down with another shocker. Office space prices in San Francisco have once more overtaken Manhattan.
The last time prices were this high?
You guessed it. When the “Internet gold rush” as NYT puts it, was in its high.
Ironically enough, the article goes on to claim there aren’t signs yet that a catastrophic fall is coming. Now, there may be some truth to it. It is quite possible that this bubble might fester for a while without bursting, making things less or more worse.
There is also the Chinese economic disaster which has brought stocks down and might be creating a mirage, protecting this bubble for a while.
Only time can tell.
Until then, I’d say, we have seen another sign that things have reached a point where they ought NOT be.
Reference:
- The NYT Article: http://bits.blogs.nytimes.com/2016/01/08/san-francisco-office-rents-pass-manhattan-as-most-expensive-in-country/?_r=0
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