After WeWork moved out, the building was 97% vacant. A spokesperson at the time told SFGate that Salesforce could make use of the owned space in the future and was welcoming employees back into the office.Įarlier this month, an office building at 25 Taylor St in San Francisco, a building that was largely occupied by WeWork, saw its value plummet by about two-thirds, according to commercial real estate data firm Trepp. The 43-story Salesforce Tower is San Francisco's tallest building. Last summer, for example, Salesforce had half of its Salesforce Tower office space listed for lease as a sublet. Over a quarter of San Francisco's office space is empty as well, according to CBRE. That's five times higher than it was before the pandemic, and almost twice as high as the amount of vacancies across the country. Almost 30% of the city's office spaces are available to lease, according to a report from CBRE, a commercial real-estate-services firm. The building's expected decline in value reflects the current crisis facing the real-estate industry across the US, and remote work's heavy impact on San Francisco's office buildings, in particular. The street runs through San Francisco's financial district - home to some of its booming tech companies. The office tower, which sits at 350 California Street, was previously worth around $300 million during its last sale, office brokers told The Journal. It often indicates a user profile.Ī 22-story office tower in San Francisco is expected to sell for around $60 million - 80% less than it was valued at in 2019, The Wall Street Journal reported. Click here to check out the San Francisco Chronicle's interactive map.Account icon An icon in the shape of a person's head and shoulders. Last month, an office building at 25 Taylor St, which was mostly used by WeWork, lost two-thirds of its value, and was 97% vacant after WeWork moved out, according to commercial real estate data firm Trepp.Ī telling sign for San Francisco's office building market could come from a 22-story office tower on 350 California Street that is reportedly expected to go for $60 million, after it was valued at $300 million in 2019. The vacancy rate in early 2020 before the pandemic was just 4%, The Chronicle reported. Over 30% of the downtown's office buildings have space available to lease or sublease - up from 19.7% during the first quarter of 2022. The rising amount of vacant office real estate partly reflects remote work's impact on office attendance.
That's the same amount of space as 13 Salesforce Towers, the tallest tower in the city. The map, compiled using data from real estate brokerage Lee & Associates, helps visualize the 18.4 million square feet of vacant offices in downtown San Francisco - a vast amount of space capable of housing 92,000 people, The Chronicle reports. The Chronicle's interactive map of the vacancies in downtown San Francisco's office buildings is worth checking out.Īn interactive map made by the San Francisco Chronicle lets you explore just how bad the city's commercial real estate crisis has become since the pandemic. Thirty-one percent of San Francisco's downtown offices is reportedly open for lease or sublease. Over 18 million square feet of San Francisco's office space is vacant, the SF Chronicle reported.
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