San Francisco's apparent economic revival may not be sustainable due to the changing dynamics of office space demand. City leaders need to adapt to the new reality of reduced demand and plan accordingly.
Amazon Deals Another Blow to Already Beaten Down Office Market, Breaking Leases to Cut $1.3 Billion in Expenses
Amazon plans to reduce office vacancies by ending leases early and downsizing, aiming to save $1.3 billion.
The Covid-19 pandemic has significantly impacted the commercial real estate market, leading to high vacancy rates and reduced demand for office space.
AI Startup Captions Growing to 15K SF in 71 Fifth Avenue Move
AI startup Captions signed a 3-year lease for 15,202 sqft at $85/sqft in Union Square, doubling its office space.
AI firms like Captions are driving demand in office markets, contributing 1.7 million sqft of new demand in January.