Property. By the Numbers. Decline in SF Office Space.

What’s the deal? A survey of San Francisco based businesses revealed that  63% of the surveyed tech companies reducing or planning to reduce their office space. The vacancy rate is 16,7% and climbing, the highest since 2005. 55% of tech companies plan to keep at least 25% of their employees permanently remote. 36% say they will keep 50% of their employees remote.  59 % said San Francisco regulations, taxes, & policies are factoring into their growth plans.

Why should we care? Office space leasing will impact local economies, rent prices, the locations of businesses, and also reflects the new economy. The new economy isn’t tied to a notion that you will spend 8am to 5pm tethered to the office.

How will this impact me? We all interact with office space by either having it, needing it, visiting it, or meeting in it.

San Francisco Chronicle via Governing | As Tech Companies Emigrate, Some Worry About S.F. Economy