Posted on 03/18/2021 1:18:33 PM PDT by Vendome
For roughly six months, Steven MacDonald has felt more like he’s trying to unload fax machines or Friendster stock than prime San Francisco office space.
The problem is every other San Francisco lawyer or therapist or insurance agent apparently has the same idea.
“I’m not getting anything,” said MacDonald, 72. “And I just spoke to my administrator, and she just told me they dropped the ad. There were no nibbles.”
About 18% of San Francisco office space is on the market right now, roughly 14 million square feet of emptiness. Major companies synonymous with the city, from Twitter and Salesforce to Levi’s and The Gap, have all announced plans to downsize as they consider a future where remote work is more prevalent.
“If you’re a top-tier tenant, if you want to be in the best product in San Francisco, you would look to Salesforce Tower,” Sammons said.
That could be an opportunity for the next Salesforce, which right now could be just two coders working out of their proverbial garage … or Zooming from two different garages.
“There are smaller tech companies, there are smaller professional services firms. Now is kind of the time, the sweet spot for a lot of them,” Sammons said.
So far though, startups are doing more window-shopping than actual leasing
(Excerpt) Read more at marketplace.org ...
It is San Francisco - there is NO “prime” real estate.
Talked to a commercial broker in SF last week - the vacancy rate is above 25 % and rising.
So is everybody else... and it is going to get worse, much worse.
In just exactly whose mind is any of this “prime real estate” anyway?
Any commercial/residential property in an incorporated urban/semi-urban environment comes with tax and regulatory bullseyes, not to mention the consequent social dystopia such welfare cities and counties create.
nobody is ever going to do anything other than “work from home” ...from here on out
the COV-Idiots never really gamed that one out
I have seen two very large companies literally taking over the commercial real estate market i9n SoCal the last 6 months, maybe they will start doing business in NorCal soon, the companies are named FOR LEASE and SPACE AVAILABLE.
Its a perfect storm for commercial real estate. There is the change in work patterns, as companies don’t need so much space with people working from home. There is some fear of being in big cities due to last year’s riots. And in SF in particular, you need to watch where you step.
Put the homeless in there. Have asian victims of hate crimes walk around with nunchucks for security.
Where’s the Trump “miss me yet” meme?
This will get a lot worse, biden has had less than 3 months to trash the economy and job market. Yes, I realize the scamdemic effect too. biden will make that worse too.
pretty much still 4 more years...
I’m disgustipated.
We have the same two companies here in York, PA.
Out: “I’m Flummoxed!”
In: “I’m Disgustipated!”
I will definitely be using that when the time is right!
Change the zoning laws. Retrofit some units to include kitchens and bathrooms. Put a food market in the lobby.
Blue America: A third-world country. Coming soon to a home town near you.
Home of the barbell.
I might have asked you previously, but who is your electric utility company? (PECO, PPL, or MetEd)
The York Barbell, founded by Bob Hoffman in 1932.
Met-Ed/ First Energy Co.
Thanks.
It’s still an opportunity.
This crap will get over with.
Half of China is already plotting to buy this, they can wait out the Scamdemic.
-—perfect storm——
San Francisco is obsolete.
Paying rent in a building is foolish when you can live rent free as a tent squatter
Business in the downtown of the big cities is as obsolete as Blockbuster. Cost, crime, corona and crap, combined with the laptop computer, all spell the end for blue city center.
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