San Francisco Tech Companies Have Dumped 8 Million Feet of Office Space!

The Standard, April 24, 2024: “By the end of 2019, the 20 biggest tech employers had leased more than 16 million square feet of space, nearly a quarter of the city’s total office stock. Now, those same companies are holding onto only 8.3 million square feet, according to data from real estate firm CBRE. “We’ve just gone from being at the most amazing frat party to now the police have arrived and everyone is splitting,” said a veteran San Francisco tech office broker who asked to be anonymous.” Currently there is more than 30 million square feet of vacant office space in San Francisco. It still does not feel like we are at the bottom, for several reasons. Interest rates are not expected to go down for awhile, inflation ticked up, companies are still giving back space and lenders still, for the most part, have their doors closed to office building loan borrowers. We have a few more years of misery ahead…