#2,060 - The San Francisco Doom Loop roars ahead: office vacancy hits all time high!
News For Reasonable People
English - December 21, 2023 12:00 - 17 minutes - 12.8 MB - ★★★★★ - 7 ratingsInvesting Business Entrepreneurship san francisco trending news protests defund the police antifa blm seattle conservative republican journalism Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The San Francisco office market continues to struggle, but it hasn’t hit the bottom yet.
Office vacancy in the city rose to new heights in the fourth quarter of 2023, according to new preliminary data from commercial real estate firm CBRE. The vacancy rate increased to 35.9%, a modest jump from last quarter’s rate of 34%. That translates to another 1.4 million square feet of occupancy loss — the equivalent of Salesforce Tower completely emptying out.
A total of 6.7 million square feet of office space came on the market in 2023, making it the second worst year since 2020. Much of that increase was attributed to large sublease spaces being placed on the market, as well as leases expiring.
Asking rents for office spaces still aren’t coming down nearly as fast, though. In the past quarter, rates declined just 2.5% compared to the third quarter of the year.
🛍️ Merch - https://Store.ReasonableTV.com/
🌟 Go PREMIUM with Reasonable+ for uncensored access to our entire content library: https://ReasonableTV.com/
💬 JOIN our FREE Discord Community! Share stories, chat with fellow enthusiasts, and stay in the loop: https://discord.com/invite/uJGWFpgDcY
👍🏼 SMASH that LIKE button & SUBSCRIBE for daily videos that dive into the latest news! https://youtube.com/c/NewsForReasonablePeople
📲 Stay connected and never miss an update!
🔗 Rumble - https://rumble.com/c/NewsForReasonablePeople
🔗 Facebook - https://www.facebook.com/NewsForReasonablePeople
🔗 iTunes - https://apple.co/2MkFziJ
🔗 Spotify - https://spoti.fi/2Dh8EoL