Despite a lingering high vacancy rate and many "for lease" signs, Union Square is experiencing a resurgence with several new high-profile retailers opening soon, demonstrating confidence in the area.
Kazuko Morgan emphasized that there's significant activity in Union Square right now, highlighting that many leases are being signed or negotiated, with major brands like Rolex and Patek Philippe entering the neighborhood.
The office vacancy rate in downtown San Francisco is alarming at 37%, but Union Square is faring better with a vacancy rate of nearly 22%, showing potential for recovery as new business pops up.
With a new Nintendo store set to open next year and other retailers like Max Mara and St. John's relocating or starting construction, there's a positive momentum building in Union Square.
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