In this video, I'll discuss the latest news that nearly a third of San Francisco's office space is available for lease and what that portends.
Nearly a third of San Francisco's office space is available for lease, according to new data from Savills, highlighting the ongoing struggle for a market that three years ago was a juggernaut, commanding huge rents as companies clamored for space.
If you are following the news, markets like Miami and Atlanta are actually setting office leasing records right now, but 1 out of 3 offices in San Fran are available. That's sobering.
Aside from the sky-high cost of working in San Fran, what this really shows us is the tech industry is pulling back substantially. Salesforce recently announced that it would dismiss 10% of its workforce and reduce office footprint.
Let's be super clear here, aside from the geological issues of SF possibly falling into the ocean, it's an amazing location and people are looking for solutions right now. 30% vacancy DOES NOT WORK, period. There will be incredible opportunity in San Fran in the coming years, so don't be too quick to dismiss it.
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