Major Corporations Continue Downsizing

While this may not be the norm everywhere in the United States, here in San Francisco one day’s news release was another blow to not just the office market but much more significant in many ways. First, there was a SF Business Times article that Uber may be quietly shopping 300,000 square feet of its new Mission Bay headquarters space for sublease. Ouch!  Then right after there was an article that Salesforce,  the largest employer in San Francisco with almost 2 million square feet of office space, will allow a large portion of its employees to work remotely a few days a week and thus won’t need all its office space. This is not just bad news for the office market, but also terrible news for the retail restaurants, shops and other businesses counting on these workers to patronize their business. This also impacts San Francisco apartment house owners, and  the City of San Francisco as well who is still grappling with huge budget shortfalls.