"Right now in downtown San Francisco, we have a vacancy rate of a little over 35% which is the highest that we've ever recorded in the history of San Francisco," says Colin Yasukochi who is an executive director of the tech insights center at CBRE, which focuses on the tech industry and how it affects commercial real estate. Yasukochi says that office vacancy numbers in San Francisco were 3 to 4% pre-pandemic, meaning we've seen more than a 30% increase and that trend may continue.
"It's not a doom loop, right? The numbers don't necessarily suggest that. A doom loop would have high unemployment, it would have businesses running to other cities. That's not where we are but we're not in a spot where we are thriving and succeeding, we're kind of surviving," said Bellisario.
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