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The shift to remote or hybrid work, downsizing in the tech sector, and hybrid schedules have led to record commercial office vacancies in San Francisco. This trend is causing office prices to drop, workers to look for homes outside the city, and a significant impact on housing prices in the Bay Area.
Americans are moving away from the office. Employees hired in 2023 now live 35 miles from office, up from 10 miles in 2019. So firms now are hiring in a much bigger area. Which is why RTOs are now so hard - folks don't live near the office anymore. https://t.co/RgwnKklk4p https://t.co/FV8zZkEIWn
A nearly $1 billion investment in downtown San Francisco office towers has been written down to zero, according to an investment firm with serious buyer’s remorse. https://t.co/3FznLCm6as
https://t.co/MsJAfbjyim Bought for $949 million, two San Francisco offices have been marked down to zero