The Briefing Room
State Chapters => California => Topic started by: rangerrebew on December 20, 2023, 04:48:28 pm
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Doom Loop? Nearly 36% of San Francisco's Office Space is Currently Vacant
JOHN SEXTON 4:00 PM on December 19, 2023
Ever since San Francisco hired a pricey PR firm to help improve the city’s image by placing positive spin in papers like the NY Times, you see a lot fewer articles speculating that the city is in the midst of an urban doom loop. And yet, the PR firm can’t actually stop the bad news from getting out. Case in point, the city’s commercial real estate vacancy rate just jumped up to another record high.
San Francisco’s amount of vacant office space has reached the highest level ever recorded in the city’s history.
According to preliminary fourth quarter data provided by real estate brokerage CBRE, the city’s vacancy rate ticked up nearly 2 percentage points from the previous quarter, reaching 35.9% at year-end. In September, that number was at 33.9%, which was also the previous record high…
With companies still generally giving up more space than they are taking, San Francisco is now on its 16th straight quarter of occupancy losses. But that could change next year.
Compared to where the city was prior to the pandemic, all of this is really bad.
https://hotair.com/john-s-2/2023/12/19/doom-loop-nearly-36-of-san-franciscos-office-space-is-currently-vacant-n600101
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No wonder REITs are tanking left or right, and right now I wouldn't even invest a penny in even the better performers.
Back in the '90's these were bad ass as far as investment vehicles.
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The article completely skips over the cause of it all. Strange how it was only "blue cities" that were most affected by COVID...
The politicians played a major part in destroying blue cities. Until that is dealt with nothing will likely get better in those cities.