With tech layoffs and some people still working from home, office vacancy rates in San Francisco went from a historic low of about 5% before the pandemic to a record high of almost 30% in just a matter of three years.
Downtown San Francisco hasn't just struggled coming out of the pandemic. It's been one of the slowest cities in the country to bounce back. But while the market is down, it's not completely dormant. One expert sees a silver lining in the available space and expects those empty buildings to be filling up soon.
"That was the best timing," he said of the pandemic and downtown crash."Honestly, if there has to be good timing, in that there were a lot of projects in South of Market that could've been under construction but they had not started yet. And so we could've had a much higher vacancy rate quite frankly.""The different companies have about 1,000,000 ft.² of need from that sector alone," he said of new demand.
So what's happening now? More employers are asking workers to come in, at least part of the time and that's shifting things around. Local Roots is one of the downstream businesses surviving in this very different environment. Ketellapper says she's seeing new changes. like more catering requests. "You do have buildings that probably will be pulled out of inventory because they are obsolete for office use," Sammons said."So that lowers the inventory of the office stock in San Francisco, which adjusts the vacancy rate."
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
This Breakfast Joint Serves the Only Ethiopian Food in the San Fernando ValleyFor 28 years, Ranch Side Cafe has served hearty American and Mexican breakfasts to people in the local area and those visiting the horse stables. (via eaterla)
Consulte Mais informação »
Manhunt over: San Diego police arrest 30-year-old suspected of shooting officerJC Blake Sartor was taken into custody Wednesday afternoon in Kearny Mesa; the City Heights shooting left the officer with a serious wound to his right arm
Consulte Mais informação »
Welcome to Convoy: 30-foot sign coming soon to trendy San Diego neighborhoodThe 30-foot, vertical structure will be installed later this year on the median at Opportunity Road and Convoy Street in Kearny Mesa
Consulte Mais informação »
Suspect in Paul Pelosi attack appears in San Francisco courtDavid DePape, who stands accused of attacking the husband of Congresswoman Nancy Pelosi, appeared for a hearing in the San Francisco Superior Court Wednesday
Consulte Mais informação »
Author Shelby Steele loses $30K worth of camera gear in San Francisco car break-inEli said they had left their rented SUV at the top of the city’s famous Lombard Street for just 10 minutes and returned at around 11 a.m. to find three of its windows smashed in and gear miss…
Consulte Mais informação »
San Francisco police confirm arrest of suspect in Mission District mass shootingSan Francisco police on Wednesday night confirmed the arrest of a suspect in the Mission District mass shooting that injured 9 people last Friday.
Consulte Mais informação »