Having inched down to just under 20 percent at the end of last year, the effective office vacancy rate in San Francisco ticked back up to a pandemic high of 21.7 percent in the first quarter of 2022, representing 18.7 million square feet of vacant office space in the city, including 5.3 million square feet of space which is technically leased but sitting vacant and 13.4 million square feet of un-leased space, according to data from Cushman & Wakefield.
Wells Fargo announced it is giving up its space at 45 Fremont – 146K feet. In March Slack gave up all its SF space – again at 45 Fremont – 208K feet, Too, Sendoso just announced it is moving its HQ from SF to Phoeniz bringing almost a thousand jobs to the desert city. If Musk manages to take control of Twitter that company’s HQ leaves SF.
Having stupidly elected an insanely regressive government, the locals are now reaping the whirlwind that they so enthusiastically sowed. That, combined with the realization that much work can be done remotely now, and voila! Who needs expensive downtown office space? Justice is served.