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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

#431

Post by kelnos »

refurb wrote: post #287
andrewxdiamond wrote: post #3

If this trend continues, I wonder if these office spaces can be converted to apartments. SF is in desperate need of living space

SF is in desperate need of living space Is this still true? Rents are plummeting because of people leaving. Plenty of apartments for rent right now. No need to convert commercial space.

They've certainly been dropping, but 30% off their highs is still not even remotely affordable. And it's unclear if these price drops will be permanent, or if prices will start to bounce back once COVID restrictions are gone.

Re: Nearly 12M Square Feet of Vacant Office Space in S.F

#432

Post by kelnos »

Redsquare wrote: post #8
andrewxdiamond wrote: post #3

If 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?

Well, for starters, they're not. Even now the US's workforce is only around 30% remote. There are still plenty of jobs that don't work remotely.

And beyond that, people will continue to live in SF just because they want to, not because they have to for their job. Sure, some people will leave because they never really wanted to live here in the first place, but I promise you there are plenty of us who will stay, regardless.

Re: Nearly 12M Square Feet of Vacant Office Space in S.F

#433

Post by Shivetya »

FreakyT wrote: post #172
kristopolous wrote: post #158

Earlier quoted context omitted.

The other week I was on real estate sites and I saw a bunch of "apartments" in SOMA that just looked like offices with some hastily slapped on anemities, as if there was some "wink wink nudge nudge" going on and they had to call the place an "apartment" for some city ordinance but everyone knew it was an office. However, I realized it was exactly the opposite. These people were taking their office spaces and desperat…

That actually seems like a really good idea — I’d love to see more housing in the “downtown core” areas of SF, which are like 95% office space.

Might be a real fight with the zoning agencies and other "interested" groups to get it done. I expect any attempt to convert office space will run afoul of requirements to set aside a portion for rent controlled units and that alone could end many conversions.

Before anyone has a hissy, while a good sounding idea it can raise costs for remaining units and price other people completely out of the market again and greatly delay a project as each group wants its pound of flesh. So the very same reason there is a lack of housing will rear its ugly head in this case as well

Re: Nearly 12M Square Feet of Vacant Office Space in S.F

#434

Post by Danieru »

zeristor wrote: post #220
FreakyT wrote: post #172

Earlier quoted context omitted.

That actually seems like a really good idea — I’d love to see more housing in the “downtown core” areas of SF, which are like 95% office space.

It depends, and whilst San Francisco can’t be compared to Harlow there can be some tragic ramifications: https://www.bbc.co.uk/news/uk-england-essex-47720887

Who in their right mind calls anything "Terminus"!? Outside of the a hipster morgue that is not an appropriate name.

The building looks and was named straight out of judge dredd.

Re: Nearly 12M Square Feet of Vacant Office Space in S.F

#436

Post by throwaway3699 »

adrianN wrote: post #425
bergstromm466 wrote: post #422

Earlier quoted context omitted.

> Especially good if the converted office space also provides a good work from home environment. Or... you know... just give homeless people housing?

Is there data supporting the conclusion that lack of housing is what causes homelessness? I always thought that it was more of a failure of the social safety net.

Lack of jobs and crushing taxes more like. Social safety nets aren't all they're cracked up to be, and leaves people trapped in that system forever.

Re: Nearly 12M Square Feet of Vacant Office Space in S.F

#437

Post by digianarchist »

downrightmike wrote: post #376
temp667 wrote: post #363

Earlier quoted context omitted.

For sure. But pharmacy is very competitive and at some point it's a losing game. For example - Walgreen runs about about a 4% margin and profit runs about $4 billion (all very rough numbers). The problem with theft is that its a total loss so it can really chop into margins - these are shelves that you build a supply chain and staff to stock and then get zero. Someone walks in with a backpack and just fills it full (…

Just push customers to get mail delivery, no need for a store.

Or locker style pickup.

Re: Nearly 12M Square Feet of Vacant Office Space in S.F

#438

Post by adrianN »

throwaway3699 wrote: post #436
adrianN wrote: post #425

Earlier quoted context omitted.

Is there data supporting the conclusion that lack of housing is what causes homelessness? I always thought that it was more of a failure of the social safety net.

Lack of jobs and crushing taxes more like. Social safety nets aren't all they're cracked up to be, and leaves people trapped in that system forever.

Being trapped in a social safety net is more desirable than being trapped under a bridge.

Re: Nearly 12M Square Feet of Vacant Office Space in S.F

#439

Post by mcntsh »

sjg007 wrote: post #86
OpticalWindows wrote: post #5

We 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.

Pretty easy solution on November 3rd. Vote Democrat down ticket.

I wish I could share such a simplistic world view that voting for democrats is the answer which solves everything.

Re: Nearly 12M Square Feet of Vacant Office Space in S.F

#440

Post by StavrosK »

throwaway3699 wrote: post #436
adrianN wrote: post #425

Earlier quoted context omitted.

Is there data supporting the conclusion that lack of housing is what causes homelessness? I always thought that it was more of a failure of the social safety net.

Lack of jobs and crushing taxes more like. Social safety nets aren't all they're cracked up to be, and leaves people trapped in that system forever.

Really? Living in a country with a safety net, it looks pretty damn positive to me, you get unemployment checks while you're unemployed which makes it much easier to take your time to find a good next job.
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