The Financial District is a
neighborhood
A neighbourhood (British English, Irish English, Australian English and Canadian English) or neighborhood (American English; see spelling differences) is a geographically localised community within a larger city, town, suburb or rural area, ...
in
San Francisco
San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
, California, United States, that serves as its main
central business district
A central business district (CBD) is the commercial and business centre of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides with the "city ...
and had 372,829 jobs according to U.S. census tracts as of 2012-2016. It is home to the city's largest concentration of corporate headquarters, law firms, insurance companies, real estate firms, savings and loan banks, and other financial institutions. Multiple
Fortune 500
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
companies headquartered in San Francisco have their offices in the Financial District, including
Wells Fargo
Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...
,
Salesforce
Salesforce, Inc. is an American cloud-based software company headquartered in San Francisco, California. It provides customer relationship management (CRM) software and applications focused on sales, customer service, marketing automation, a ...
,
PG&E
The Pacific Gas and Electric Company (PG&E) is an American investor-owned utility (IOU). The company is headquartered in the Pacific Gas & Electric Building, in San Francisco, California. PG&E provides natural gas and electricity to 5.2 milli ...
,
Uber
Uber Technologies, Inc. (Uber), based in San Francisco, provides mobility as a service, ride-hailing (allowing users to book a car and driver to transport them in a way similar to a taxi), food delivery (Uber Eats and Postmates), package ...
,
Gap, and
Williams-Sonoma
Williams Sonoma is an American retailer of cookware, appliances, and home furnishings. It is owned by Williams-Sonoma, Inc. and was founded by Chuck Williams (author), Charles E. (Chuck) Williams in 1956.
History
In 1947, Chuck Williams settl ...
.
Since the 1980s, restrictions on high-rise construction have shifted new development to the adjacent
South of Market
South of Market (SoMa) is a neighborhood in San Francisco, California, situated just south of Market Street. It contains several sub-neighborhoods including South Beach, Yerba Buena, and Rincon Hill.
SoMa is home to many of the city's museums ...
area surrounding the
Transbay Transit Center
The Transbay Transit Center (officially the Salesforce Transit Center for sponsorship purposes) is a transit station in downtown San Francisco. It serves as the primary bus terminal — and potentially as a future rail terminal — for the San ...
. This area is sometimes called the South Financial District by real estate developers, or simply included as part of the Financial District itself.
[San Francisco Commercial Real Estate Market Boundaries--South Financial District](_blank)
/ref> However, the COVID-19 pandemic in the United States
The COVID-19 pandemic in the United States is a part of the COVID-19 pandemic, worldwide pandemic of COVID-19, coronavirus disease 2019 (COVID-19) caused by SARS-CoV-2, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). In the Uni ...
has accelerated the exodus of business from the downtown core of San Francisco.
The area is marked by the cluster of high-rise towers in the triangular area east of Kearny Street
Kearny Street () in San Francisco, California runs north from Market Street to The Embarcadero. Toward its south end, it separates the Financial District from the Union Square and Chinatown districts. Further north, it passes over Telegr ...
, south of Washington Street, west of the Embarcadero that rings the waterfront, and north of Market Street Market Street may refer to:
*Market Street, Cambridge, England
*Market Street, Fremantle, Western Australia, Australia
* Market Street, George Town, Penang, Malaysia
*Market Street, Manchester, England
*Market Street, Melbourne, Victoria, Australia
...
. The district includes San Francisco's two tallest buildings, the Salesforce Tower
Salesforce Tower, formerly known as Transbay Tower, is a 61-story skyscraper at 415 Mission Street, between First and Fremont Street, in the South of Market district of downtown San Francisco. Its main tenant is Salesforce, a cloud-based so ...
and the Transamerica Pyramid
The Transamerica Pyramid is a 48-story futurist skyscraper in San Francisco, California, United States, and the second tallest building in the San Francisco skyline. Located at 600 Montgomery Street between Clay and Washington Streets in the c ...
. Montgomery Street
Montgomery Street is a north-south thoroughfare in San Francisco, California, in the United States.
It runs about 16 blocks from the Telegraph Hill neighborhood south through downtown, terminating at Market Street Market Street may refer to:
* ...
(sometimes called "Wall Street of the West Wall Street West is a name used by real estate developers, city officials and news media in the United States to call particular streets or places west of Manhattan that have a high concentration of Wall Street companies or a major exchange. The m ...
") is the traditional heart of the district.
History
Under Spanish and Mexican rule, the area was the site of a harbor named Yerba Buena Cove
Yerba Buena Cove was a cove on San Francisco Bay where the Mexican pueblo of Yerba Buena was located. It lay between Clarks Point to the north (southeast of Telegraph Hill, near the corner of Broadway and Battery Streets) and Rincon Point to the ...
with a small civilian outpost named Yerba Buena
Yerba buena or hierba buena is the Spanish name for a number of aromatic plants, most of which belong to the mint family. ''Yerba buena'' translates as "good herb". The specific plant species regarded as ''yerba buena'' varies from region to regi ...
that served to support the military population of the Presidio and the Mission Dolores Dolores, Spanish for "pain; grief", most commonly refers to:
* Our Lady of Sorrows or La Virgen María de los Dolores
* Dolores (given name)
Dolores may also refer to:
Film
* ''Dolores'' (2017 film), an American documentary by Peter Bratt
* ' ...
. The sandy, marshy soils of the tip of the San Francisco Peninsula discouraged the Spanish, and later Mexican governments from establishing a preeminent town there, who focused their pueblo settlement efforts in the Pueblo of San José
San Jose, California, is the third largest city in the state, and the largest of all cities in the San Francisco Bay Area and Northern California, with a population of 1,021,795.
Site chosen by Anza
For thousands of years before the arrival of E ...
with its extremely fertile land. It was not until 1835 that the first settlers established themselves on the shore of Yerba Buena Cove, with the first town plan surveyed in 1839. Yerba Buena's potential as a seaport made it the eventual center for European and American settlement.
After gold was discovered in the Sierra Nevada Foothills in 1848, Yerba Buena's location on the natural harbor of San Francisco Bay acted as a magnet for European and American settlers, as well as gold and job seekers from a multitude of countries. Following Californian independence and American annexation and the California Gold Rush
The California Gold Rush (1848–1855) was a gold rush that began on January 24, 1848, when gold was found by James W. Marshall at Sutter's Mill in Coloma, California. The news of gold brought approximately 300,000 people to California fro ...
, the area boomed rapidly and the Bay shoreline, which originally ended near Montgomery Street, was filled in and extended to The Embarcadero. Gold Rush wealth and business made it the financial capital of the west coast as many banks and businesses set up in the neighborhood. The west coast's first and only skyscraper
A skyscraper is a tall continuously habitable building having multiple floors. Modern sources currently define skyscrapers as being at least or in height, though there is no universally accepted definition. Skyscrapers are very tall high-ris ...
s, were built in the area along Market Street Market Street may refer to:
*Market Street, Cambridge, England
*Market Street, Fremantle, Western Australia, Australia
* Market Street, George Town, Penang, Malaysia
*Market Street, Manchester, England
*Market Street, Melbourne, Victoria, Australia
...
.
The neighborhood was nearly completely destroyed in the 1906 Earthquake and Fire, as the area's skyscrapers survived. By 1910, the area was largely rebuilt with low-rise, masonry-clad buildings ranging from six to twelve stories in height. During the late 1920s, several Neo-Gothic
Gothic Revival (also referred to as Victorian Gothic, neo-Gothic, or Gothick) is an architectural movement that began in the late 1740s in England. The movement gained momentum and expanded in the first half of the 19th century, as increasingly ...
high rises, reaching 300 to 400 feet in height, were constructed, including the Standard Oil Building, Russ Building
__NOTOC__
The Russ Building is a Neo-Gothic office tower located in the Financial District of San Francisco, California. It was designed by architect George W. Kelham, who was responsible for many of San Francisco's other prominent high-rise buil ...
, Hunter-Dulin Building, Shell Building, and the Pacific Telephone Building.
With the onset of the Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
and statewide height restrictions due to earthquake fears, few new buildings were constructed, and the district remained relatively low-rise until the late 1950s. Due to new building and earthquake retrofitting
Retrofitting is the addition of new technology or features to older systems. Retrofits can happen for a number of reasons, for example with big capital expenditures like naval vessels, military equipment or manufacturing plants, businesses or go ...
technologies, the height restrictions were lifted, fueling a skyscraper building boom. This boom accelerated under mayor Dianne Feinstein
Dianne Goldman Berman Feinstein ( ; born Dianne Emiel Goldman; June 22, 1933) is an American politician who serves as the senior United States senator from California, a seat she has held since 1992. A member of the Democratic Party, she was ...
during the 1980s, something her critics labeled "Manhattanization
''Manhattanization'' is a neologism coined to describe the construction of many tall or densely situated buildings, which transforms the appearance and character of a city to what is similar to Manhattan, the most densely populated borough of New ...
". This caused widespread opposition citywide leading to the "skyscraper revolt" similar to the "freeway revolt
Highway revolts (also freeway revolts, expressway revolts, or road protests) are organized protests against the planning or construction of highways, freeways, expressways, and other civil engineering projects that favor vehicles.
Many freeway r ...
" in the city years earlier. The skyscraper revolt led to the city imposing extremely strict, European-style height restrictions on building construction citywide.
Due to these height restrictions, lack of buildable lots, and changes in the local real estate market, new development in the area has shifted to South of Market Street since the 1980s. The area south of Market, east of Third Street, north of Folsom Street, and west of the Embarcadero is sometimes called the South Financial District, or simply included as part of the Financial District itself. To encourage new development south of Market, and to help fund the replacement for the Transbay Terminal
The San Francisco Transbay Terminal was a transportation complex in San Francisco, California, United States, roughly in the center of the rectangle bounded north–south by Mission Street and Howard Street, and east–west by Beale Street and 2 ...
, many height limits were raised in the area. As a result, nearly all new high rise construction since the 1980s (and for the foreseeable future) has taken place South of Market. Notable examples include the JPMorgan Chase Building, 555 Mission Street, 101 Second Street, the Four Seasons Hotel, The Paramount, and the Millennium Tower.
According to TRI Commercial, the traditional Financial District provides approximately of office space, and the South Financial District offers about . Altogether, the combined Financial District had employed over 220,000 office workers; however, the COVID-19 pandemic in the United States
The COVID-19 pandemic in the United States is a part of the COVID-19 pandemic, worldwide pandemic of COVID-19, coronavirus disease 2019 (COVID-19) caused by SARS-CoV-2, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). In the Uni ...
has accelerated the exodus of business from the downtown core of San Francisco.[
]
Location
Adjacent to the Financial District to the west is the Union Square shopping district. To the northwest is Chinatown
A Chinatown () is an ethnic enclave of Chinese people located outside Greater China, most often in an urban setting. Areas known as "Chinatown" exist throughout the world, including Europe, North America, South America, Asia, Africa and Austra ...
, and to the north is North Beach and Jackson Square. To the east lies the Embarcadero waterfront and the Ferry Building. To the south lies Market Street Market Street may refer to:
*Market Street, Cambridge, England
*Market Street, Fremantle, Western Australia, Australia
* Market Street, George Town, Penang, Malaysia
*Market Street, Manchester, England
*Market Street, Melbourne, Victoria, Australia
...
and the South of Market
South of Market (SoMa) is a neighborhood in San Francisco, California, situated just south of Market Street. It contains several sub-neighborhoods including South Beach, Yerba Buena, and Rincon Hill.
SoMa is home to many of the city's museums ...
district.
The Financial District is served by more than two dozen Muni bus and rail lines, including one cable car line, as well as Montgomery Street Station
Montgomery refers to:
People
For people with the name Montgomery, see Montgomery (name)
Places Belgium
* Montgomery Square, Brussels
* Montgomery metro station, Brussels
Pakistan
* Montgomery (town), British India, former name of Sahiwal, Punjab ...
and Embarcadero Station
Embarcadero station is a combined BART and Muni Metro rapid transit station in the Market Street subway. Located under Market Street between Drumm Street and Beale Street near The Embarcadero, it serves the Financial District neighborhood and s ...
in the BART
Bart is a masculine given name, usually a diminutive of Bartholomew, sometimes of Barton, Bartolomeo, etc.
Bart is a Dutch and Ashkenazi Jewish surname, and derives from the name ''Bartholomäus'', a German form of the biblical name ''Bartho ...
system.
The nickname "FiDi" is occasionally employed, analogous to nearby SoMa
Soma may refer to:
Businesses and brands
* SOMA (architects), a New York–based firm of architects
* Soma (company), a company that designs eco-friendly water filtration systems
* SOMA Fabrications, a builder of bicycle frames and other bicycle ...
. The area is commonly referred to as "Downtown" as well, although "Downtown" may include the broader Union Square, Chinatown, Tenderloin, and SoMa districts as well.
Characteristics
The District is home to numerous corporate headquarters, including all six San Francisco Fortune 500
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
companies—McKesson Corporation
McKesson Corporation is an American company distributing pharmaceuticals and providing health information technology, medical supplies, and care management tools. The company delivers a third of all pharmaceuticals used in North America and emplo ...
, Wells Fargo
Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...
, PG&E
The Pacific Gas and Electric Company (PG&E) is an American investor-owned utility (IOU). The company is headquartered in the Pacific Gas & Electric Building, in San Francisco, California. PG&E provides natural gas and electricity to 5.2 milli ...
, Gap, Charles Schwab, and Salesforce.com
Salesforce, Inc. is an American cloud-based software company headquartered in San Francisco, California. It provides customer relationship management (CRM) software and applications focused on sales, customer service, marketing automation, a ...
— as well as Bechtel
Bechtel Corporation () is an American engineering, procurement, construction, and project management company founded in San Francisco, California, and headquartered in Reston, Virginia. , the ''Engineering News-Record'' ranked Bechtel as the sec ...
, the Union Bank of California
Union commonly refers to:
* Trade union, an organization of workers
* Union (set theory), in mathematics, a fundamental operation on sets
Union may also refer to:
Arts and entertainment
Music
* Union (band), an American rock group
** ''Un ...
, Levi Strauss & Co., Blue Shield, Kimpton Hotels & Restaurants
The Kimpton Hotel & Restaurant Group, LLC is a San Francisco, California, based hotel and restaurant brand owned by IHG Hotels & Resorts (IHG) since 2015. Founded in 1981 by Bill Kimpton and led by Chief Executive Officer Mike DeFrino, the group ...
, URS Corporation
URS Corporation (formerly United Research Services) was an engineering, design, and construction firm and a U.S. federal government contractor. Headquartered in San Francisco, California, URS was a full-service, global organization with office ...
, and Bank of the West among others; and formerly Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...
, Pacific Bell
The Pacific Bell Telephone Company (Pacific Bell or Pac Bell) is a telephone company that provides telephone service in California. The company is owned by AT&T through AT&T Teleholdings, and, though separate, is now marketed as “AT&T”. The ...
, Crocker Bank
Crocker National Bank was a United States bank headquartered in San Francisco, California. It was acquired by and merged into Wells Fargo Bank in 1986.
History
The bank traces its history to the Woolworth National Bank in San Francisco. Charles ...
, Transamerica Corporation
The Transamerica Corporation is an American holding company for various life insurance companies and investment firms operating primarily in the United States, offering life and supplemental health insurance, investments, and retirement services. ...
, Chevron Corporation
Chevron Corporation is an American multinational energy corporation. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California (shortened to Socal or CalSo), it is headquartered in S ...
, and Visa
Visa most commonly refers to:
*Visa Inc., a US multinational financial and payment cards company
** Visa Debit card issued by the above company
** Visa Electron, a debit card
** Visa Plus, an interbank network
*Travel visa, a document that allows ...
among others. The headquarters of the 12th district of the United States Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
is located in the area as well. Prior to their disestablishment, AirTouch
AirTouch Communications was an American wireless telephone service provider, created as a spin-off on Pacific Telesis on April 1, 1994. Its headquarters were in One California in the Financial District, San Francisco, California. After a series ...
, South Pacific Air Lines
South Pacific Air Lines (SPAL) was an airline headquartered in the Financial District of San Francisco, California. The airline began service between Honolulu and Tahiti on April 2, 1960. In 1963 its fleet consisted of two Lockheed L-1049 Super ...
, Pegasus Aviation Finance Company
Pegasus Aviation, Inc. or the Pegasus Aviation Finance Company was a US based aircraft lessor formed in 1988. It was one of the world's largest commercial aircraft lessors, with a fleet of over 200 aircraft. It had its headquarters on the 35th fl ...
, and the Pacific Exchange
The Pacific Exchange was a regional stock exchange in California, from 1956 to 2006. Its main exchange floor and building were in San Francisco, California, with a branch building in Los Angeles, California.
In 1882, the San Francisco Stock an ...
all had their headquarters in the Financial District.
There are several shopping malls in the area, including the Crocker Galleria, the Embarcadero Center
Embarcadero Center is a commercial complex of five office towers, two hotels, a shopping center with more than 125 stores, bars, and restaurants, and a fitness center on three levels located in San Francisco, California. There is an outdoor ice sk ...
, the Ferry Building Marketplace, and the Rincon Center complex. Parks and plazas located there include Sue Biermann Park; Justin Herman Plaza
Embarcadero Plaza, previously known as Justin Herman Plaza from its opening in 1972 until 2017, is a plaza near the intersection of Market and Embarcadero in San Francisco's Financial District, in the U.S. state of California. It is owned by Bos ...
, which is the current location of the city's New Year's festivities, and Transamerica Redwood Park. St. Mary's Square and Portsmouth Square
Portsmouth ( ) is a port and city in the ceremonial county of Hampshire in southern England. The city of Portsmouth has been a unitary authority since 1 April 1997 and is administered by Portsmouth City Council.
Portsmouth is the most densel ...
are near the borders of the district, but are usually considered as part of Chinatown.
Diplomatic missions
Several consulates are located in the financial district. Countries with consulates in the Financial District include France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
, Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
, Guatemala
Guatemala ( ; ), officially the Republic of Guatemala ( es, República de Guatemala, links=no), is a country in Central America. It is bordered to the north and west by Mexico; to the northeast by Belize and the Caribbean; to the east by H ...
, Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
, Luxembourg
Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...
, Mexico
Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...
, Ireland
Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...
, the Netherlands
)
, anthem = ( en, "William of Nassau")
, image_map =
, map_caption =
, subdivision_type = Sovereign state
, subdivision_name = Kingdom of the Netherlands
, established_title = Before independence
, established_date = Spanish Netherl ...
, Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
, and the United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
. The Hong Kong Economic and Trade Office
The Hong Kong Economic and Trade Offices (HKETOs) are the trade offices of Hong Kong outside the territory. There are 14 HKETOs outside Hong Kong and China, and seven in China (four offices and three liaison units).
In addition to HKETOs, the ...
and the Taipei Economic and Cultural Office
The Taipei Economic and Cultural Representative Office (TECRO), also known as Taipei Economic and Cultural Office (TECO), Taipei Representative Office (TRO) or Taipei Mission, is an alternative Diplomatic mission, diplomatic institution serving a ...
is located in the Financial District.[Contact Us]
." '' Taipei Economic and Cultural Office Los Angeles''. Retrieved on January 31, 2009.
See also
* 49-Mile Scenic Drive
*History of the west coast of North America
The human history of the west coast of North America is believed to stretch back to the arrival of the earliest people over the Bering Strait, or alternately along a now-submerged coastal plain, through the development of significant pre-Columbi ...
*List of tallest buildings in San Francisco
San Francisco, California, in the United States, has at least 482 high-rises, 58 of which are at least tall. The tallest building is Salesforce Tower, which rises and is the 17th-tallest building in the United States. The city's second- ...
References
External links
*
Downtown San Francisco Community Benefit District
Mechanics' Institute Library and Chess Room
Flexible Office Space in FiDi, San Francisco
{{Authority control
Neighborhoods in San Francisco
San Francisco
San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
Economy of San Francisco
San Francisco
San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...