San Francisco Office Vacancy Rate Doubled in 2nd Quarter
San Francisco now has an estimated 6.5 million square feet of office sublease space. Direct Class A rents are still among the highest in the country, averaging $84 an annual square foot, but Class B rates are now in the $50-60/rsf range. In the Bay Area several companies have announced they will relocate their headquarters . Palantir, based in Palo Alto, is moving to Denver, and Zorrosign is moving from S..F. tp Phoenix. California is also trying to pass a tax on net worth’s over $30 million. 17% of all U.S. millionaires and 25% of the nation’s billionaires currently live in California. Killiing the golden goose will surely affect the future laying of golden eggs…
