Worsening conditions in Union Square and surrounding downtown areas drove San Francisco's retail vacancy rate to a new record high in the first quarter.

The continuing exodus of stores drove vacancies to 20.6% in Union Square in Q1, a new peak that is 510 bps higher than the rate a year ago.

Overall, the retail vacancy rate in San Francisco also hit a new record of 7.9% in the first quarter, a 120 bps increase from the previous quarter, according to a market report from Cushman & Wakefield.

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