San Francisco is facing its highest office vacancy rate since 1993. Commercial real estate firm CBRE said in a recent report that 27.1 million square feet of a total of 90 million square feet is currently vacant.
To combat the rising number of office vacancies, one local legislator is pushing to convert empty office buildings into residential buildings. Matt Haney, a Democratic state Assembly member, says tackling the empty office problem could help the city take the much-needed steps it needs to address the housing crisis.
The latest CBRE report published in early December said that office vacancies reached a nearly 30-year high in the third quarter with a vacancy rate of 25.5%. And those rising vacancy rates are having a major impact on the city's economy. "The rents that you can get for a life sciences lab space are much higher than office space. So it makes that conversion financially viable," said Yasukochi. "We have high demand for residential still, but not at the price that would be required for a developer to be able to do that from a financial perspective."
"The most important thing from a developer standpoint is what makes the most financial sense," said Marc Babsin, president of Emerald Fund, a real estate development company that completed one of the largest office-to-residential conversions in the city at 100 Van Ness Ave.
Who’s going to do it? Per sq ft, it’s too expensive to tear down and rebuild. For an investor, it would take too long to get your money back, let alone earn an ROI.
Well- if they tackle the one issue, mental health and crime crisis on the streets, then they won't have a problem with office vacancies and level out the housing crisis.
The democrats in San Francisco have a better strategy: Make everything shitty, so people & businesses leave. Housing crisis solved 🤡
Who is responsible for San Francisco’s housing crisis? I wonder 🤔
get a place in Daly City.
Well Demorats run everything into the shitter
Clean up the open drug markets and shit all over the city. Progressives destroy everything they touch
When Elon moves Twitter HQ to Texas you can use the old Twitter offices as apartments. They have already proven how comfy the old offices are to sleep in.
Vote GOP
CNBC, trying to explain away, the pain in the Stockmarket and it just don't add up, if you're in the know. 😎 The Stockmarket in Mine!
CNBC, Called me the 10T trillion dollar Man because that's what came out of the Stockmarket in 2022 trying to hold down TQQQ and you know who😎
Put the homeless in the offices. Let them fuck up the real estate values like they are the rest of the city.
Cut the red tape, remove any 'affordable housing requirements ', start policing the city properly, and remove homeless tents and folks from the city. SF is a textbook example of how you go broke if you go woke. Socialism is Toxic!