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San Francisco Office Vacancy Skyrockets Higher

The San Francisco office market is enduring the nation’s most severe occupancy decline and downturn in asking rents.

Remote-based work is an acute threat to the city, where leasing has grown incredibly expensive and workers are reliant on public transportation and enclosed elevators to reach high-rise offices. New leasing activity remained muted though September, and tenants including Pinterest have scaled back growth plans.

San Francisco registers the highest sublease availability rate across the country by far. Sublet space now accounts for roughly 40% of the market’s total availability, having risen significantly over the past year.

By Jesse Gundersheim
CoStar Analytics. October 2020

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