Office vacancy rates in the Bay Area continue to climb as tech workers continue to work remotely or from home, but there are signs of a turnaround.
Commercial real estate company Savills says office availability in San Francisco is now 36.7%, which means more than one out of every three offices is vacant right now. In Silicon Valley, it's 27.5%.
Both are all-time highs.
"In such a tech market like San Francisco and Silicon Valley, people were working remotely," Savills research manager Erin Proto said.
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Moody's Analytics says it expects to see more conversions of buildings from commercial to residential.
"We are looking at some of the finest office buildings standing in the premium locations – alongside Market Street, close to the waterfront – sitting underutilized," Moody's Analytics senior economist Lu Chen said.
There is some optimism the downtown areas will recover. Some say companies want to be in the areas close to the tech talent and venture capital action.
"The market is always cyclical, and San Francisco has always been desirable to be at and have a presence in," X said. "I don't think that's gonna change."
