No takers on San Francisco’s big tech buildings for sale

New York Post ^ | July 17, 2023 | Mary K. Jacob

[george76]

As commercial and residential vacancy rates continue to reach all-time highs in San Francisco, many big tech buildings have been left abandoned.

One of the largest offices there comes from Google, which owns a whopping 1.4-million-square-foot building that has remained on the market for sublease.

Other big tech companies, like Meta and Roku, have also put up space for sale.

Back in March, Intel even listed its 505,000-square-foot office.

“As a hybrid-first company, we are continuing to assess and optimize our space utilization to create more vibrant workspaces for our employees when they are on-site, while also achieving cost reductions,” Addy Burr, with Intel Corporation Communication, previously told The Post in a statement.

But no one is rushing to buy.

“Big companies are dumping space on the market with almost no takers,” Craig Petersen from Kidder Mathews told the Real Deal. “We are seeing more activity in the small office markets.”

Additionally, in a recent second-quarter report by Savills, Silicon Valley’s office availability saw an acute increase due to considerable givebacks by large tech companies.

“With the entire technology sector in a correction, office availability in Silicon Valley is at an all-time high and is expected to increase even further as return to office rates have lagged the rest of the country despite high-profile corporate announcements,

...

since last year, leasing activity has gone down even more — by 52%.

...

Meanwhile, companies are not only attempting to get rid of space, but they have also halted major construction projects that would have reshaped Silicon Valley.

Google, for example, has stopped its Downtown West project in San Jose.

[EVO X]

I guess you are right on that. City officials will just ignore zoning regulations..

[EVO X]

Humans lived in caves,

I suspect if homeless moved in, the buildings would turn into the equivalent of toxic caves..

[Taxman]

YES!

In VERY short order!

A Dystopian nightmare is upon California, and no one seems to care!

[i_robot73]

Sure. ‘Hostel’ usage. Plenty of ‘rooms’ w/ only 1 or 2 bathrooms per floor. What else do they need??

[markman46]

woke companies speak this way.
they speak all in buzz words

[Tymesup]

They’re now referred to as “unhoused”. I I hope this doesn’t mean I have to buy them a house.

[Tymesup]

I recently stopped at a hotel in Queens, NY. I stopped on one floor, there was a guard. I stopped on another floor, another guard, I went in the opposite direction. Third floor, third guard.

Then I went further up. Two floors were undergoing construction.

Turns out, the hotel was housing illegal invaders. Presumably making more money that way. Construction upstairs was probably changing the rooms to meet government specs and make even more money.

[minnesota_bound]

Now is the time to close the federal depts down as they are not as needed as they think they are.

Empty suit, empty suites: Joe Biden’s government of empty buildings
https://www.americanthinker.com/blog/2023/07/empty_suit_empty_suites_joe_bidens_government_of_empty_buildings.html

The evacuation of federal headquarters during the COVID-19 crisis appears to have become permanent and costly with up to 90% of several agency headquarters empty, according to a federal audit.

At least 6 of 24 Washington area headquarters are 90% empty, including several that manage federal office space and employees such as the General Services Administration and the Office of Personnel Management.