Bisnow The Future Of Office In San Francisco: How will The Office Market Recover?

Great webinar yesterday with a panel of some of the largest San Francisco office landlords.  Here are a few of the highlights; There is a flight to quality, which does not necessarily mean Class A space. Sublease space is growing exponentially. How healthy buildings are during this Pandemic is imperative. Activity is coming back. Ground floor retail has been severely impacted, but there is a resurgence of restaurants and other retail looking at end of 2021 and into 2022. One speaker with the Regus group of companies said during the first three months of 2021 alone they signed up over 500,000 corporate space subscriptions as companies seek space flexibility and hub and spoke locations near where the workforce lives. Workers will come back to the office but will be hybrid, working 2-3 days a week in the office, the remainder from home. It seemed 24-36 months for the market to recover. Space will be used differently, not just to house workers sitting at their desks all day, every day, but for collaborative synergistic meeting space. Work is not just about ‘where’ anymore. Some San Francisco office building garages are full now, not because the buildings are full but because of fear of taking public transit.