San Francisco Is Dying; Office Vacancy Soars, Downtown Hollowed Out
View Source | May 30, 2023 11:22 am
- Once home to some of the most expensive and sought-after office space in the world, San Francisco today is suffering from one of the most hollowed-out downtowns in North America.
- Along Market Street, the main thoroughfare, “office space available” and “for sale or lease” signs solicit new businesses. Office vacancy in the first quarter of 2023 ranged between 26.4% and 29.4%, depending on the tally.
- It’s a steep increase from the historic low vacancy rate of 4% in early 2020. Pinterest, Meta, Reddit, Salesforce, Slack, Uber and Twitter have all vacated or reduced their office space as remote or hybrid work has prevailed.
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