As a plugged-in reader commented and we’ve now co-opted, San Francisco’s commercial real estate market continues its decline. A few stats from Bloomberg:
San Francisco office rents dropped 24 percent in the first quarter from a year earlier, the biggest decline since the dot-com crash in 2001.
The office vacancy rate rose to 13.2 percent from 12.6 percent in the previous quarter and up from 10.2 percent a year earlier.
Almost half of the largest companies in the San Francisco Bay Area plan to cut staff in the next six months.
Not good. Unless, of course, you’re a renter looking to expand or renegotiate a lease.
∙ San Francisco Office Rents Fall Most Since 2001 [Bloomberg]
∙ Doesn’t Everybody Want To Work Here? (Class A Rents Plunge) [SocketSite]