Troubling new data shows 34% of downtown San Francisco office space is empty

The number of vacant office space in downtown San Francisco has hit a record-high at 30 million square feet, according to real estate brokerage CBRE.

In the third quarter of 2022, more than 25% of offices were empty and that vacancy rate increased steadily by 2% each quarter with it being at 34% now.

On a positive note, preliminary data continues to show a growing demand that started this year, from tenants looking to rent those spaces. 

And who is leasing? Artificial intelligence, analytics, and tech companies lead the way, and they’re getting a good deal, compared to a year ago.  

CBRE says they are starting to see signs of positive activity, beginning in 2024.   

So there is hope for a quick turnaround.

Investigative Reporter Hilda Gutierrez has the full story in video player above.