Office Vacancy Rate Still Going Up in San Francisco

[CorporateCowboy]

Originally Posted by colobound65

My friend has worked for Sales Force for years and has always been 100% remote

It depends on their position (and what they were prior to the pandemic); some need only work from the office about a third of the month; others, up to four days per week.

Originally Posted by Need4Camaro

Some people, who are attached to the system and cannot see around it will certainly return to corporate slavery...

Originally Posted by Need4Camaro

I used the pandemic to pay off all of my cars, my mortgage several years in advance and I simply put will not be in dire straights if I lost my job tomorrow...therefore...I won't be among the folks returning to the office.

Originally Posted by Need4Camaro

I personally make over $400k

Heh, sure; your anti-establishment-type posts are clearly indicative of your professional success (and how much you enjoy your work). That said, corporate employment (or mandates re: a return to the office) does not equate to slavery nor does it translate to folks who are ‘attached to the system’ (and can’t see their way around it).

[Tulemutt]

As office vacancies rise, developers aim to restore Loop’s vibrancy
It’s been four years since the COVID-19 outbreak led to a rise in remote work. Now, even though the public health crisis has diminished, the work from home trend shows no signs of slowing, pushing downtown office vacancies higher.

“We just don’t have the same number of people working in the Loop as before,” said Dan McMillen, a real estate professor at University of Illinois Chicago.

Experts say there was hope that by now more workers would have returned to the office full-time. But a growing glut of empty space remains a fact of life in the Loop.

https://wgntv.com/news/wgn-investiga...oops-vibrancy/


Oh wait … that’s about Chicago … my bad … nevermind

[mattja]

Originally Posted by Tulemutt

As office vacancies rise, developers aim to restore Loop’s vibrancy
It’s been four years since the COVID-19 outbreak led to a rise in remote work. Now, even though the public health crisis has diminished, the work from home trend shows no signs of slowing, pushing downtown office vacancies higher.

“We just don’t have the same number of people working in the Loop as before,” said Dan McMillen, a real estate professor at University of Illinois Chicago.

Experts say there was hope that by now more workers would have returned to the office full-time. But a growing glut of empty space remains a fact of life in the Loop.

https://wgntv.com/news/wgn-investiga...oops-vibrancy/


Oh wait … that’s about Chicago … my bad … nevermind

The Chicago office vacancy rate is at 25.1%. San Francisco's is still increasing. Now it's 36.7%. It will continue to increase this year as companies let go their office leases.

[vunderbar]

Originally Posted by mattja

The Chicago office vacancy rate is at 25.1%. San Francisco's is still increasing. Now it's 36.7%. It will continue to increase this year as companies let go their office leases.

Denver's is 32%

[Tulemutt]

“ The three major U.S. cities with the country’s highest office-vacancy rates are all in Texas – Houston, Dallas and Austin – and new construction is at the lowest levels seen since 2012, according to the report and Moody’s data shared with Fox News Digital. The trends are in line with the 20th century building boom in the South that was fueled by cheap land and fewer regulations, as reported by the Wall Street Journal. “
https://www.foxbusiness.com/media/am...ording-report#
Published January 14, 2024

[john3232]

Originally Posted by mattja

There's nothing special about AI that the work can't be completed at home, just like any other software. Work-from-home is still the norm, and not just for tech. SF better think-up something fast -- something that requires the employees to be in the office.

So far, most companies have been unwilling to put the hammer down. IMO, it will take a recession for that to happen. No amount of free meals or in-office dental care will entice people to endure hour-plus commutes on the slime-pit that BART has become or pay $4,000/month for a studio apartment in a neighborhood with empty storefronts; Your favorite bar or restaurant went bankrupt during the lockdowns and was replaced by a Chipotle or Starbucks. Great.

How about a soccer stadium?

Very early-stage plans for a Downtown San Francisco soccer stadium on the site of the beleaguered former Westfield Centre mall have been obtained by The Standard.

The renderings are conceptual and likely far from what a finished product may look like, but they provide a window into a possible future for the mall, as its behemoth Nordstrom store closes on Sunday. Westfield itself pulled out of the mall in June.

Numerous stores have closed in San Francisco's Downtown core, many of which cited unsafe conditions in the area. The new Ikea store that opened nearby Wednesday on Market Street announced in April that the store will feature round-the-clock security.
https://sfstandard.com/2023/08/23/do...mall-revealed/

[CorporateCowboy]

Originally Posted by john3232

How about a soccer stadium?

Relative to the feasibility study, there are a lot of questions (including size); that said, it’s better than a life-sized Legoland but perhaps not as ‘realistic’, all things considered, as the adaptive reuse project i.e. residents, academia, entertainment and so on.

[JGC97]

Interesting topic and discussion here. It's not a solution but what if some of those empty spaces were converted to residential? While the idea of a soccer stadium or other sports venue would bring in revenue, will everyone who attends the events ride BART because where would you park?

Keep coming up with ideas. Maybe the decision makers in SF will see one and run with it

[john3232]

2019 - The City was predicted to become awash with new millionaires and soon you wouldn't be able to get a condo for under 2M.
https://archive.curbed.com/2019/3/19...po-airbnb-uber

The future of SF so bright... you needed sunglasses.

But that was then and this is now.

Oh, my....

A steep price cut on a San Francisco building marks one of the starkest recent indicators of the city’s struggling office market. An empty 16-story building at 995 Market St. just sold for $6.5 million, a nearly 90% plunge from its 2016 price of $62 million.
https://www.sfgate.com/local/article...t-19420409.php

‘Totally depressing’: These S.F. areas saw an 80% drop in sales tax. Here’s what it means for the city
https://www.sfchronicle.com/bayarea/...d-19394489.php

[mattja]

Originally Posted by vunderbar

Denver's is 32%

Looking at downtown Denver these days, I can believe it.