SAN FRANCISCO—Technology firms remain on a roll with very healthy net absorption numbers for San Francisco and Silicon Valley—expansion rules for now. That is according to Cushman & Wakefield‘s Robert Sammons, regional director of research for the Americas. Sammons conducted the REIS San Francisco Roundtable breakfast last week at the Mandarin Oriental Hotel here. But there are a few concerns for the area. 

The shrinking FIRE (finance/insurance/real estate) and legal sectors are not just affecting San Francisco but many of the more expensive markets in the US, explained Sammons. “A number of jobs are shifting to lower cost locations while, at the same time, companies are in space efficiency mode (less square footage/employee).” Charles Schwab, he said, is a great example for San Francisco—jobs are shifting to other areas including Austin. On the flip side, he said, are alternative financial services firms such as Lending Club which is growing in San Francisco.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.