San Francisco's downtown is in turmoil, as highlighted by chief economist Ted Egan's metaphor comparing the situation to Wile E. Coyote from Warner Bros. cartoons. The area experiences high commercial vacancies alongside stubbornly high rents, creating a challenging environment for businesses. Egan anticipates that some property owners will eventually need to adjust their rental strategies to stabilize the market. Despite potential improvements, he remains skeptical that the city's downtown can fully return to pre-pandemic vibrancy, emphasizing a difficult future ahead for both owners and tenants.
"Right now we are still doing the Wile E. Coyote thing where we're walking on air and holding up a 'help me' sign," says Ted Egan.
"I can't think of a significant lease signed by someone who said 'I want to be in San Francisco because rents are low,'" Egan says.
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