San Francisco Office Vacancies Surge to All-Time High as Tech Layoffs and Remote Work Boom Contribute Persist

Benzinga
Benzinga
  • 2 months ago
Office vacancies in San Francisco hit another record in the second quarter, reaching over 34% according to a report released Monday. Factors driving high vacancies include the hybrid work trend and mass tech layoffs totaling over 530,000 since the start of 2022. AI companies like OpenAI, Anthropic, and Scale AI have signed large leases in SF, helping to soften the blow. Many companies want to downsize spaces or relocate to higher-quality areas as rents fall. Uncertainty around the 2024 US election may be delaying some leasing decisions.

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