San Francisco’s office vacancy rate has risen to a record 25.5% at the end of Sept., up from 20% a year earlier, according to Bloomberg , citing new data from real estate brokerage CBRE Group Inc. The amount of vacant office space surpassed levels after both the 2008 Great Recession and the dot-com bust.
CBRE said that the city’s office vacancy rate was about 4% at the virus pandemic’s start. By September 2021, the rate was 20% and has since increased to 25.5%. Workers have been slow to return to the city’s downtown, with weekly office utilization less than 40% […]
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