Go check out this map that shows just how many vacant office buildings are in downtown San Francisco
- Over 18 million square feet of San Francisco's office space is vacant, the SF Chronicle reported.
- Thirty-one percent of San Francisco's downtown offices is reportedly open for lease or sublease.
An 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.
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. That's the same amount of space as 13 Salesforce Towers, the tallest tower in the city.
The rising amount of vacant office real estate partly reflects remote work's impact on office attendance.
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 vacancy rate in early 2020 before the pandemic was just 4%, The Chronicle reported.
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.
A 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.