Nearly 12M Square Feet of Vacant Office Space in S.F
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Nearly 12M Square Feet of Vacant Office Space in S.F
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Re: Nearly 12M Square Feet of Vacant Office Space in S.F
#2A close relative of mine is a top real estate appraiser based in San Francisco, and she's terrified about what happens in Q2 2021, when leases will start terminating en masse. She's had a call with the St. Louis Fed, as they're trying to get an idea of what this will look like. She thinks it will be a bloodbath, and deal a death blow to corporate real estate (and other capital markets by extension).
Re: Nearly 12M Square Feet of Vacant Office Space in S.F
#3If this trend continues, I wonder if these office spaces can be converted to apartments. SF is in desperate need of living space
Re: Nearly 12M Square Feet of Vacant Office Space in S.F
#4[deleted]
Re: Nearly 12M Square Feet of Vacant Office Space in S.F
#5We haven't even seen the extent of the depression yet. Combined with congressional inaction on social spending a lot of people are going to be in very deep finanical issues. This is a systemic problem that we needed fixed 3 months ago.
Re: Nearly 12M Square Feet of Vacant Office Space in S.F
#6In other news, water is wet.
Is it surprising to people who are working from home, that the office they used to work in and cannot yet return to is now vacant?
People have been calling the collapse of San Francisco since the gold rush. It's clearly had its ups and downs, but the overall trend is clear too.
Re: Nearly 12M Square Feet of Vacant Office Space in S.F
#7If this trend continues, I wonder if these office spaces can be converted to apartments. SF is in desperate need of living space
Many of them can't because they don't have sufficient plumbing everywhere (apartments would have far more bathrooms and kitchens) and most buildings can't be retrofitted.
Plus, land-use laws would have to change, which is also extremely difficult.
Re: Nearly 12M Square Feet of Vacant Office Space in S.F
#8If this trend continues, I wonder if these office spaces can be converted to apartments. SF is in desperate need of living space
Where would be the demand for thousands of extra apartments if folk are mostly remote?
Re: Nearly 12M Square Feet of Vacant Office Space in S.F
#9If this trend continues, I wonder if these office spaces can be converted to apartments. SF is in desperate need of living space
Ive been told in a lot if cases this is virtually impossible due to cost and structural constraints of office construction vs residential... notably ceiling heights, plumbing and floor plans are poorly designed for residential conversion.
Re: Nearly 12M Square Feet of Vacant Office Space in S.F
#10Is this a worldwide trend? Wonder what it means for city tax incomes.