Huge New Office Announcements!

I haven’t blogged in a few weeks as my family was on a ten-day cruise to Alaska!  Here are a few of the more notable office announcements over the past few weeks. Chevron announced it was putting it’s 1.6 million square foot office campus in San Ramon’s Bishop Ranch on the market and relocating most of its people to Texas. The 92 acre site might be a biomedical facility or it could be demolished to be replaced by housing, as is happening with other major sites in Bishop Ranch. GoogleCloud just signed a 300,000 square foot office sublease in San Francisco at 510 Townsend. Yelp is closing a number of its offices, including New York, Washington DC, and Chicago, shifting to more remote working. At a number of its locations space utilization was down to as low as 2%. In San Francisco, Block, a fintech company, will not be renewing its 470,000 square foot office lease at 455 Market St. The SFBusinessTimes had a recent article titled ‘Downtown S.F. Faces Increased Office Vacancy Risk Over The Next Two Years’, and warned about the major tech leases expiring and may not be renewed. “The city is projecting that 33% of its workforce will be reduced to remote work permanently.”