The "ghost town" stories about downtown San Francisco are going to persist as the year unfolds: nearly a third of the offices in the Golden Gate city are empty, a vacancy rate approaching 30% in Q1 2023.
As major tech players retreated from offices in San Francisco throughout 2022, the vacancy rate in the city grew by more than 10%; it's grown by an additional 2% since the end of last year, according to a new report from CBRE.
Empty offices now encompass 27M SF in San Francisco, eight times the amount in 2019, when vacancy was 5%. Available space has risen above 34%, including the growing amount of offices listed for sublease that are not yet vacant.
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