The San Francisco Office Market Continues To implode

There are currently 9.5 million square feet of office sublease space available in San Francisco today, with an overall vacancy rate above 19%. Landlord reps are still optimistic that the market will come back as more people get vaccinated, while the tenant-biased reps remind us that this it the time to snatch up bargain sublease space, often including all the furniture. A number of major tech firms have announced inviting volunteer office workers back into their buildings this summer and into Fall, while others are still evaluating just how much office space is still truly needed if many of their employees have moved to less expensive locales and are being very productive working from home.