11–20 of 75 posts
Yeah, yeah, office buildings are often built completely different from housing and need to be vastly retooled, but it is possible, and Boston is attempting it. When it comes to SF it feels like the regulatory issues are more difficult.
I wonder how this compares to other cities globally
22.9% of SF office space was available. Houston 22.2%, Dallas 20.9%, Chicago 19.6% and DC 19.2%.
I wonder how much of that office space is viable for converting into residential housing, both physically-speaking and zoning-wise. Yeah, yeah, office buildings are often built completely different from housing and need to be vastly retooled, but it is possible, and Boston is attempting it. When it comes to SF it feels like the regulatory issues are more difficult.
Compartmentalization will be a lot easier though since most offices are built to be fairly modular/open plan.
If the owners would substantially cut the rent the empty office space would rapidly fill up.
Commercial financing has onerous terms which should be stricken by the government/courts.
If the owners would substantially cut the rent the empty office space would rapidly fill up.
Owners are not able to cut rent as most commercial financing have covenants which require a minimum lease rate/sq foot. If they cut rent, they could be in technical default and lose the building. Commercial financing has onerous terms which should be stricken by the government/courts.
I wonder how this compares to other cities globally
I don't know about outside of America but according to comparable reports from the firm Cushman & Wakefield, Austin boasts 15.7 million square feet vacant, a rate of 25%. The same firm has SF marked at 27% vacant. I have never been sure if HN is invested in commenting on SF real estate because they disproportionately live here, or because they live elsewhere and get a warped news feed that has an interest in portrayi…
Know personally of startups in SF which have been discouraged from cutting their lease and paying a penalty so that the landlord can keep occupancy #s high. Of course, there are sweeteners involved to keep them "occupying" the space when in reality they moved out >6 months ago. They'll be in the space for years to come...
I wonder how much of that office space is viable for converting into residential housing, both physically-speaking and zoning-wise. Yeah, yeah, office buildings are often built completely different from housing and need to be vastly retooled, but it is possible, and Boston is attempting it. When it comes to SF it feels like the regulatory issues are more difficult.
It would be great as a base while traveling. I could visit between changing flights, and swap some of my gear. Occasionally I would sleep there.