San Francisco office market in collapse as tech workers stay home
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theguardian said that The pandemic has brought the commercial real estate market in San Francisco to a new low, with work-from-home policies and office closures slowing Silicon Valley-driven business expansion to numbers not seen in at least three decades.
New office-leasing activity in 2020 dropped a staggering 71% compared with the year before, according to the real estate brokerage Cushman & Wakefield, from 7.7m to 2.2m sq ft – the lowest since the early 1990s. Tenant demand also halved during the pandemic, from 6.6m sq ft to 3.3m sq ft.
“Vacancies have obviously climbed substantially,” said Robert Sammons, Cushman & Wakefield’s senior director of Bay Area research, adding that more than half of the rise was driven by sublease vacancy, a common commercial space practice in San Francisco in which subleasers lease from a tenant, not a property manager. “That has never happened before in San Francisco,” he said.
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