Office vacancies in downtown San Francisco have reached a record high of 35.6%, causing significant economic impacts on building owners, retail businesses, public transit agencies, and city tax revenues. Efforts are being made to stimulate business activity and convert underutilized buildings into housing, but the situation remains dire.
Winter has settled upon downtown San Francisco . With remote work here to stay and hybrid schedules requiring only a few days per week in-office becoming the norm, office vacancies in The City’s business core started the year at a record 35.6%, according to real-estate firm CBRE. That is roughly equivalent to 22.5 Salesforce Towers — and experts expect the empty space to grow.
The effects of so many workers not coming to offices have been far-reaching, hurting building owners dependent on rents, retail businesses that need foot traffic, public transit agencies that need passengers and city tax revenues that fund public services. City officials have responded with a range of initiatives aimed at stimulating business activity, making streets cleaner and safer, and converting underutilized buildings into housing. Still, the vacancy numbers have continued to climb as companies have shed space. “The situation is dire,” said John Bryant, CEO of the Building Owners and Managers Association of San Francisc
San Francisco Office Vacancies Remote Work Hybrid Schedules Economic Impacts Building Owners Retail Businesses Public Transit Agencies City Tax Revenues Business Activity Underutilized Buildings
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