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.
imo, turning all these democrat heavy areas with high end real estate, causing that real estate to be sold/bought on the cheap was a massive real estate grab.
ReplyDeleteOnce they've got all the property on the cheap, they'll turn law nforcement back on and the stuff will be going for top dollar again.
There must be a bunch of parking lots (the multi-story kind) that are also going vacant.
ReplyDeleteFill the empty space with the homeless. All the druggies and crazies, get them off the streets.
ReplyDeleteExcellent idea. And make the city pay the rent.
DeleteX2
ReplyDeleteIf you can do your job from home, somebody in New Delhi can too, and for a lot less money.
ReplyDeleteplease, allow me to express my disdain for the foibles of democrats and fellow travelers: HAHAHHAHAHAHA
ReplyDeleteAnd those people will make San Franciscos wherever they go. I heard one on the radio this morning running for mayor of Athens, Georgia. 'course Athens is already trying to be Portland.
ReplyDelete