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As we outlined yesterday, there is over 17 million square feet of vacant office space now spread across San Francisco, which is up from around 16 million square feet of vacant space three months ago and as compared to under 5 million square feet of vacant space at the start of last year.

For context, the 1,070-foot-tall Salesforce/Transbay tower at First and Mission, which is the tallest building in San Francisco, contains 1.35 million square feet of office space spread across 59 floors.

And employing the framework we introduced last year, there is now 12.7 Salesforce Towers, or 747 Salesforce Tower floors, worth of empty office space spread across San Francisco, which is roughly enough space to accommodate between 98,000 (based on an average, pre-Covid, density) and 131,000 (a la twitter) worker bees.

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This begs the question what to do with all that empty office space. The average annual net absorption for the boom decade just ended was what? About 1.5 million feet? It would take 11 years at that absorption pace to fill the space. However, going forward it's hard to see SF ever averaging that kind of net absorption again over a prolonged period. So it could take decades to fill the 17 million feet of empty space.

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Link

Sounds like plenty of space to install a few bathrooms for the homeless population

They could put all of their homeless population in there! Just think of all the human waste that wouldn't be on the sidewalks!

Whoa whoa

Concerned Moderate will have you know Cali is running a surplus* and that it's business is thriving*

*As long as you don't ask CM to offer any proof

It'll never be filled imo. The Marxists are in control of the city and they are all in on disastrous policy.

Maroon Dawn said:

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Whoa whoa

Concerned Moderate will have you know Cali is running a surplus* and that it's business is thriving*

*As long as you don't ask CM to offer any proof

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Even asking is a banworthy event!

Nuh uh /condensedfoggy

That is about the same amount of poop that you can find on the streets there.

Cassius said:

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It'll never be filled imo. The Marxists are in control of the city and they are all in on disastrous policy.

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And it's still the Republican's fault.

Bet that number only increases in the near term as leases expire and are not renewed.

Still the best city for romance with your special one, just keep it in mind if u r looking for fun in the summer time.

Seriously77 said:

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Still the best city for romance with your special one, just keep it in mind if u r looking for fun in the summer time.

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Also, how will the hotels fair with the reduction of business travel to SF?

Sounds like they have solved their homeless problem.

So if they put the homeless in the office tower, would they use the bathrooms or just poop in the hallway?

aggiehawg said:

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Also, how will the hotels fair with the reduction of business travel to SF?

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A company that I know very well has their UC in San Fran each year. About 4 years ago, many customers complained and stopped attending because of homelessness, sanitation and crime. It's only gotten worse. It's a city in decay now .

Seriously77 said:

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Still the best city for romance with your special one, just keep it in mind if u r looking for fun in the summer time.

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People are still tripping over themselves to live there. I guess the natural beauty is the selling point. Still, its cold as hell. And from a perspective of liveliness, SF is overrated though. SoMa (where Salesforce Tower is) after 7pm is deader than Sewanee football.

In partial fairness, this is going on in a lot of places. I was doing some reading on commercial real estate over the last couple of days and the market for such isn't very good if you are an owner/investor.

In years past, the smart investor would, if you came into 50-100 million, immediately buy a small commercial property. Now, one wouldn't even think about it. Even if the prices tank to the point that it looks attractive, you still don't do it because you don't know where the rental market will end up. About the only people in good shape are tenants renewing leases around now, especially in downtown or urban areas -- many of which are fixing to become wastelands.

We will see a lot of these spaces converted to data centers. What was once class A space will be filled up with network rack equipment!

Seriously77 said:

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Still the best city for romance with your special one, just keep it in mind if u r looking for fun in the summer time.

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Wrong. Not very romantic stepping over drugged out bums on your date night, or dodging piles of human waste. Last time I was there for 2 days I saw 3 live defecations walking through the financial district area. It's a city in a beautiful natural setting, but the leftists have let it deteriorate thanks to the idiotic policies you leftists support.

91AggieLawyer said:

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In partial fairness, this is going on in a lot of places. I was doing some reading on commercial real estate over the last couple of days and the market for such isn't very good if you are an owner/investor.

In years past, the smart investor would, if you came into 50-100 million, immediately buy a small commercial property. Now, one wouldn't even think about it. Even if the prices tank to the point that it looks attractive, you still don't do it because you don't know where the rental market will end up. About the only people in good shape are tenants renewing leases around now, especially in downtown or urban areas -- many of which are fixing to become wastelands.

We will see a lot of these spaces converted to data centers. What was once class A space will be filled up with network rack equipment!

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From the same link"

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Mission Rock is going forward but it had already started construction and it was early enough to tweak the design and make that space aimed towards life-science tenants. Dropbox abandoned its SF headquarters but that building(s) had been designed to accommodate life science space and a small potion of DropBox's sublease was picked up by a life science company. Life science may be the only option for major new SF "office" development Hence the Power Plant project is now planned/designed as life science space.

In terms of the life sciences and biotech SF is at a disadvantage both to SSF/the Peninsula and Berkeley/Emeryville/Oakland the latter cities are making a big play to attract life science/biotech firms. SF needs to not only clean itself up but change its business tax policy if it hopes to capture even a small portion of the life science/biotech play.

The only office development that might pan out in SF is small, boutique projects. 50K or so Hence the Union Square condo conversion will include a small amount of said boutique office space.

As to large office developments (like the still empty 3M tower) not only is there not a need/demand for more space, there is no way to determine the potential price/square foot that future space might command. Today it's $73.24 but how long before landlords losing significant amounts of money on these empty towers make large cuts in the asking price per square foot? Meaning future projects could actually be financially untenable if rents take a big hit.

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Rated as one of the best cities in the world to live in. Progressive, young, hip and absolutely a must to go see.

Some of the best restaurants in the country, for the deserving of course and the natural scenery within 100 miles is breath taking. Love the Martinez area, did u know there is a red wood Forrest just outside this magnificent city?

I understand some not getting it, the place is not for everyone but if u think it is a dump year u need to get your news elsewhere, it is a paradise.

I just love the PNW.

You're the worst

Seriously77 said:

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Still the best city for romance with your special one, just keep it in mind if u r looking for fun in the summer time.

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IT WAS...not anymore. "Tha glow" is GONE and the homeless have left a lot more than their hearts there. Cable cars have become "porta potties on wheels".

Typical Stephenville troll posts. Must be day drinking.

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All those restrooms could help alleviate people pooping on the sidewalks.

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Naw, they will continue to poop in the streets because they can and many people no longer care.

Supply and demand says the price should be collapsing and people moving in..government has distorted the market so much that it prevents recovery?

Seriously77 said:

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Rated as one of the best cities in the world to live in. Progressive, young, hip and absolutely a must to go see.

Some of the best restaurants in the country, for the deserving of course and the natural scenery within 100 miles is breath taking. Love the Martinez area, did u know there is a red wood Forrest just outside this magnificent city?

I understand some not getting it, the place is not for everyone but if u think it is a dump year u need to get your news elsewhere, it is a paradise.

I just love the PNW.

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Why does paradise need an app for tracking fecal matter and syringes on the street?

Some of you need to get out more.

SF is the 14th rated city of the world, my goodness.

The best of the best

Seriously77 said:

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Some of you need to get out more.

SF is the 14th rated city of the world, my goodness.

The best of the best

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Why does the 14th best city need an app to track human fecal matter and dirty syringes in its streets?

San Fran is nice but a bit boring. The people were boring as well.

Give me Boston or New York over San Fran

Seriously77 said:

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Some of you need to get out more.

SF is the 14th rated city of the world, my goodness.

The best of the best

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bestcities.org... lololol

Yet 40% of residents plan to leave.

https://www.yahoo.com/entertainment/40-san-francisco-residents-plan-200200119.html

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Almost half of San Francisco residents are planning on moving out of the city due to rising crime and a deteriorating quality of life, according to a recent poll.

The poll of 500 San Franciscans, commissioned by the San Francisco Chamber of Commerce, showed that just over 40% of residents plan to move out of the city in the next few years.

Additionally, 8 out of 10 people polled said crime has increased in the city, and almost 90% of those polled said they believe that the homeless crisis has gotten worse. Roughly three-quarters of residents in San Francisco said their quality of life has declined over the past year.

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Maybe the San Francisco Chamber of Commerce should hire Seriously77 to tell everyone that the survey results are wrong?

What do people living there know? Bestcities knows best. Oh