31% of downtown San Francisco is empty.
This is very problematic for the city's economy.
The losses will trickle down. Expect more businesses to go under, and the tax base to shrink leading to reduced services and further pain. t.co/bPcO2Vintw
— Michelle Tandler (@michelletandler) May 8, 2023
San Francisco is fast becoming a warning tale to other cities.
This article was absolutely scathing. t.co/HTcXNoypGb
— Michelle Tandler (@michelletandler) May 8, 2023
Downtown San Francisco is experiencing its worst office vacancy crisis on record, with 31% of space available for lease or sublease. In the heart of the city, an astounding 18.4 million square feet of real estate is available — enough space to house 92,000 employees and the equivalent of 13 Salesforce Towers.
The Chronicle mapped and charted every major downtown office building’s vacancy, using data provided by real estate brokerage Lee & Associates.
The surge in empty offices means plenty of options for tenants, a major change compared to early 2020, when the vacancy rate was around 4%. It’s also fueled calls for converting offices into housing, or bringing more fun features like bars or roof decks to the workplace.
www.sfchronicle.com/sf/article/downtown-empty-offices-business-tech-17911258.php
h/t dr0id