By Joy Wiltermuth : msn – excerpt (includes video)
MARKET EXTRA
Twitter Inc. put its large San Francisco office footprint on review for downsizing, and has nixed the opening of an office in Oakland, Calif., a person with direct knowledge of the matter said…
Cutbacks by technology giants could result in painful ramifications for San Francisco, a city with a skyline and culture dramatically reshaped in recent decades by a tech boom on its home turf, but also by staggering inequality and a homelessness crisis made worse by the pandemic…
San Francisco, already reeling from remote and relocated office workers, took a $400 million hit in tax revenue last year, according to the city’s Office of the Controller…
Tenants have been fleeing dated buildings for newer ones built since 2015 (see chart), the sole category to buck the trend of negative net absorption, or vacated space, according to Deutsche Bank. …(more)
Reader comments:
– Shorenstein Properties is having financial issues.
– Companies are abandoning older office buildings for newer ones which could indicate that older office buildings could be candidates to convert to housing.
– There is a state budget trailer bill with $150 million in grants to convert underutilized commercial to residential although I haven’t been able to find the actual trailer bill number.I would add that funding opportunities are fleeing the state for more reliable returns elsewhere.
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