flyangler

GET WOKE, GO BROKE - San Fran commercial office space edition

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So who wants to argue that this is solely Covid-related and not really a sign that officer workers and their employers are abandoning the liberal bastion of San Fran because the civic policies, crime, drugs, street poop and overall decaying living conditions?  
 

Visualizing All the Vacant Office Space in San Francisco

July 16, 2021

two beers

Salesforce-Tower-10-23-20.jpg


 

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 worker bees.

Salesforce-Tower-Equivalency-17M-Square-

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S.F. ain't alone in having empty office space, either.

Lot's of cities are going t be in the same boat, with folks liking the work from home lifestyle.

My son's company has taken to renting a conference space once every month or two for face to face meetings, and training, the rest is work at home.

They leased out several floors in an office park that is so empty now, the lunch and breakfast places have had to close due to lack of on site workers.

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So there's a silver lining in covid after all. Lots of people aren't driving 5 days a week so think of the reduced emissions.

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I'm sure some if it has been caused by San Frans liberal sh*thole politics and businesses wanting out because it.

 

I see most of it as Covid related.

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Posted (edited) · Report post

1 min ago, Gotcow? said:

 

I see most of it as Covid related.

Me too, in so much that it provided a perfect excuse to flee that expensive, restrictive environment.  

Edited by Shipwreck

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1 min ago, Gotcow? said:

I'm sure some if it has been caused by San Frans liberal sh*thole politics and businesses wanting out because it.

 

I see most of it as Covid related.

Covid was an accelerator. It was happening anyway.

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Just now, ken r said:

Covid was an accelerator. It was happening anyway.

Absolutely.

 

Like at my place we have 1000s of cubicle rats that are not coming back to the site.

There's all going to work from home from now on.

 

Company is calling it the "Office of Tomorrow".

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8 mins ago, Gotcow? said:

I'm sure some if it has been caused by San Frans liberal sh*thole politics and businesses wanting out because it.

 

I see most of it as Covid related.

But, is it reversible now?

 

If just Covid related, then eradicating Covid should reverse the trend, right? 

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6 mins ago, ken r said:

Covid was an accelerator. It was happening anyway.

This ^^^
 

Covid accelerated many underlying trends, just ask bricks and mortar retailers.

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3 mins ago, flyangler said:

But, is it reversible now?

 

If just Covid related, then eradicating Covid should reverse the trend, right? 

Companies don't want it reversed.

They save $$$ by not needing all that high priced office space.

Covid forced the experiment on a large scale.

 

And I would add that an entire cottage industry has popped up to support the work from home trend.

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Posted (edited) · Report post

1 hour ago, ken r said:

Covid was an accelerator. It was happening anyway.

Yep. It was the reason we moved. 

Edited by D_L

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1 hour ago, Gotcow? said:

Companies don't want it reversed.

They save $$$ by not needing all that high priced office space.

Covid forced the experiment on a large scale.

 

And I would add that an entire cottage industry has popped up to support the work from home trend.

i disagree, the banks are looking to bring back all the producers, line people, by the end of this year. sales managers and department heads want to see their people working, beyond the numbers on the pages. also, cross-pollination of ideas happens much better in person than virtually. 

 

staff and non-revenue producers, they can stay home, they are a real expense. 

 

and then there is recruiting, training, corporate culture indoctrination, etc. 

 

some industries have and will stay changed, but the areas of highest intellectual capital will not stay home forever. 

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