The number of vacant office space in downtown San Francisco has hit a record-high at 30 million square feet, according to real estate brokerage CBRE.
In the third quarter of 2022, more than 25% of offices were empty and that vacancy rate increased steadily by 2% each quarter with it being at 34% now.
On a positive note, preliminary data continues to show a growing demand that started this year, from tenants looking to rent those spaces.
And who is leasing? Artificial intelligence, analytics, and tech companies lead the way, and they’re getting a good deal, compared to a year ago.
CBRE says they are starting to see signs of positive activity, beginning in 2024.
So there is hope for a quick turnaround.
Investigative Reporter Hilda Gutierrez has the full story in video player above.
Source: NBC Bay Area
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