Mountain View HSE

Main Menu

  • Mountain View
  • San Franscisco
  • San Jose
  • Santa Clara
  • Financial

Mountain View HSE

Header Banner

Mountain View HSE

  • Mountain View
  • San Franscisco
  • San Jose
  • Santa Clara
  • Financial
San Franscisco
Home›San Franscisco›Office vacancy rate in San Francisco hits pandemic high

Office vacancy rate in San Francisco hits pandemic high

By Mildred S. Gray
April 16, 2022
0
0

After dipping to just under 20% late last year, San Francisco’s effective office vacancy rate climbed back to a pandemic high of 21.7% in the first quarter of 2022, representing 18 .7 million square feet of vacant office space in the city, including 5.3 million square feet of technically leased but vacant space and 13.4 million square feet of unleased space, according to Cushman data & Wakefield.

By comparison, there was less than 5 million square feet of vacant office space in San Francisco before the pandemic with a vacancy rate of 5.7%, compared to a long-term average of around 12%. . And as we pointed out last quarter, foreshadowing the first quarter uptick:

“Despite the decline in the overall vacancy rate at the end of 2021, the amount of unleased office space in San Francisco actually increased, both absolutely and relatively, to 1.3 million square feet. of space that was offered for sublease in the third quarter that has been leased, reoccupied or put back on the market as directly vacant space. And total rental activity actually fell from the third to fourth quarters of last year, with “a scarcity of large transactions”, a decline in return-to-office dates (yes, the spike in COVID cases is significant , beyond the increase in hospitalizations and deaths), and less than 1 million square feet of space having been leased, including subleases, for negative net absorption.

And in terms of active demand for the 18.7 million square feet of vacant space, Cushman & Wakefield is currently tracking active needs for 4.9 million square feet, which was down from the fourth quarter of the year. last year and 33.8% below pre-pandemic demand.

Related posts:

  1. Scenes from this weekend’s ‘Free Palestine’ protests in San Francisco
  2. Protesters call on San Francisco to keep main highway closed to cars – CBS San Francisco
  3. San Francisco residents want Golden Gate Bridge to be quiet, engineers work to reduce buzzing noise
  4. Five games to watch during San Francisco 49ers’ OTAs

Recent Posts

  • NBA Draft Combine 2022: Paolo Banchero, Chet Holmgren waive play along with top prospects, increasing sleepers to watch
  • Softball 3A: Prairie lands State spot
  • “Strong winds” expected in San Francisco Bay
  • Top 25 San Jose Sharks Under 25: Number 10 Ozzy Wiesblatt Goes Under The Radar
  • Intuit agrees to pay $141 million to upsell TurboTax services to low-income taxpayers | News

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021

Categories

  • Financial
  • Mountain View
  • San Franscisco
  • San Jose
  • Santa Clara
  • Terms and Conditions
  • Privacy Policy