San Francisco Apartment Rents Down 20%, Office Markets May Take Until 2025 To Recover

According to SocketSite, which tracks the San Francisco rental market, year-over-year apartment rents were down 20S%. The Bay Area regional planning agency, The Metropolitan Transportation Commission, is considering a mandate that large Bay Area employers have 6-% of their work force permanently work from home. Reported in today’s  East Bay Times, ‘Significant increases in available sublease office space are a nationwide phenomenon but Cushman & Wakefield indicated in its report that the Bay Area is being hammered to a greater extent than the nation’s other major office markets.’ While we are mentioning Cushman & Wakefield, on September 27, 2020 the headline in one major business report read “Office Real Estate Market Will Get Back to Pre-Covid Level, in 2025”. Ouch! “In all, a net 215 million square feet of office vacancy will have been lost due to the pandemic…the situation will be the worst in the West.”