{"id":1959445,"date":"2023-06-28T15:26:02","date_gmt":"2023-06-28T19:26:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/san-francisco-office-vacancy-rate-soars-to-record-high\/"},"modified":"2023-06-28T15:27:57","modified_gmt":"2023-06-28T19:27:57","slug":"san-francisco-office-vacancy-rate-soars-to-record-high","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/san-francisco-office-vacancy-rate-soars-to-record-high\/","title":{"rendered":"San Francisco office vacancy rate hits all-time high."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsan-francisco-office-vacancy-rate-soars-to-record-high%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1959445&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div>\n<h2>Record High Office Vacancies in San Francisco<\/h2>\n<p>Office vacancies in San Francisco hit a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/they-dont-buy-into-that-at-all-are-far-left-policies-behind-hispanic-voters-rightward-shift\/\" title=\"\u2018They Don\u2019t Buy Into That At All\u2019: Are Far-Left Policies Behind Hispanic Voters\u2019 Rightward Shift?\">record high rate<\/a> in the second quarter as businesses flee the crime-ridden city.<\/p>\n<div>\n<p><a href=\"https:\/\/winred.tomcotton.com\/tom-cotton\/defend-scotus-ads-beacon?utm_source=rc&#038;utm_medium=beaconads&#038;utm_campaign=2023maybeaconscotus\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<p><a href=\"https:\/\/winred.tomcotton.com\/tom-cotton\/defend-scotus-ads-beacon?utm_source=rc&#038;utm_medium=beaconads&#038;utm_campaign=2023maybeaconscotus\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<\/p><\/div>\n<p>The vacancy rate hit 31.8 percent in this year&#8217;s second quarter, which continues a three-year trend of the market&#8217;s downturn. In the last three months alone, 1.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/san-francisco-office-vacancy-rate-soars-to-record-high\/\" title=\"San Francisco office vacancy rate hits all-time high.\">9 million square feet<\/a> of office space was added to the market, the <i>San Francisco Chronicle<\/i> <a href=\"https:\/\/www.sfchronicle.com\/sf\/article\/s-f-office-vacancy-record-empty-18171785.php?utm_source=marketing&#038;utm_medium=copy-url-link&#038;utm_campaign=article-share&#038;hash=aHR0cHM6Ly93d3cuc2ZjaHJvbmljbGUuY29tL3NmL2FydGljbGUvcy1mLW9mZmljZS12YWNhbmN5LXJlY29yZC1lbXB0eS0xODE3MTc4NS5waHA%3D&#038;time=MTY4NzkzOTE2MTcwOA%3D%3D&#038;rid=YjBhNzE5YWEtNTg1Ny00ZjFhLWFhOTAtZTVmM2Y3MGFjNTYy&#038;sharecount=MQ%3D%3D\">reported<\/a>.<\/p>\n<p>Among the companies trying to ditch their office space in the struggling city this quarter <a href=\"https:\/\/www.sfchronicle.com\/sf\/article\/s-f-office-vacancy-record-empty-18171785.php?utm_source=marketing&#038;utm_medium=copy-url-link&#038;utm_campaign=article-share&#038;hash=aHR0cHM6Ly93d3cuc2ZjaHJvbmljbGUuY29tL3NmL2FydGljbGUvcy1mLW9mZmljZS12YWNhbmN5LXJlY29yZC1lbXB0eS0xODE3MTc4NS5waHA%3D&#038;time=MTY4NzkzOTE2MTcwOA%3D%3D&#038;rid=YjBhNzE5YWEtNTg1Ny00ZjFhLWFhOTAtZTVmM2Y3MGFjNTYy&#038;sharecount=MQ%3D%3D\">were<\/a> Uber, Airbnb, and Salesforce.<\/p>\n<p>It&#8217;s the latest statistic highlighting the decline of the California city. Homicides in San Francisco have <a href=\"https:\/\/freebeacon.com\/politics\/tens-of-thousands-flee-san-francisco-as-liberal-leaders-struggle-with-crime-and-homelessness\/\" target=\"_blank\" rel=\"noopener\">increased<\/a> nearly 40 percent from 2020 to 2022 and deaths from fentanyl have <a href=\"https:\/\/freebeacon.com\/california\/california-dems-go-easy-on-fentanyl-dealers-as-overdose-deaths-spike\/\" target=\"_blank\" rel=\"noopener\">spiked<\/a>.<\/p>\n<p>Businesses that once occupied commercial space across the city have left. Old Navy announced in May it will <a href=\"https:\/\/freebeacon.com\/latest-news\/old-navy-closes-flagship-store-in-san-francisco-amid-wave-of-retail-theft\/\">close<\/a> its flagship store. Whole Foods and Nordstrom have <a href=\"https:\/\/freebeacon.com\/california\/nordstrom-saks-become-latest-high-end-companies-to-flee-crime-ridden-san-francisco\/\">shuttered<\/a> businesses in the city over safety concerns. The latter&#8217;s exit is <a href=\"https:\/\/nypost.com\/2023\/05\/24\/nordstrom-axes-380-jobs-as-it-prepares-to-shutter-san-francisco-stores\/\">costing<\/a> the city 380 jobs. The downtown area of the city has <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12101001\/Crime-ridden-San-Francisco-lost-HALF-downtown-stores-COVID-hit-95-shuttering.html\">lost<\/a> half of its businesses since the start of the pandemic.<\/p>\n<p>Hotels across the city are also <a href=\"https:\/\/freebeacon.com\/california\/hotels-are-dumping-property-in-san-francisco-as-tourists-shun-crime-ridden-city\/\">closing<\/a> as they fail to recover like others have in comparable markets. Revenue per available room was 23 percent lower in April than during the same time in 2019, while hotels in New York City and Los Angeles are exceeding their 2019 metrics, the <em>Wall Street Journal<\/em> <a href=\"https:\/\/www.wsj.com\/articles\/hotel-owners-start-to-write-off-san-francisco-as-business-nosedives-e84c64ef\">reported<\/a>.<\/p>\n<div>\n<p><a href=\"https:\/\/winred.tomcotton.com\/tom-cotton\/defend-scotus-ads-beacon?utm_source=rc&#038;utm_medium=beaconads&#038;utm_campaign=2023maybeaconscotus\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<p><a href=\"https:\/\/winred.tomcotton.com\/tom-cotton\/defend-scotus-ads-beacon?utm_source=rc&#038;utm_medium=beaconads&#038;utm_campaign=2023maybeaconscotus\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<\/p><\/div>\n<p>The owner of the city&#8217;s largest hotel, the Hilton San Francisco Union Square, and its fourth-largest, Parc 55, said it <a href=\"https:\/\/www.bizjournals.com\/sanfrancisco\/news\/2023\/06\/05\/park-hotels-cmbs-hilton-union-square-moscone-pk.html?ana=RSS&#038;s=article_search\">ceased<\/a> payments on $725 million worth of loans and entered foreclosure because the city is facing &#8220;major challenges.&#8221;<\/p>\n<p>Huntington Hotel and the Yotel San Francisco hotel were both sold after facing foreclosure in recent months. The number of hotel closures may soon rise as more than 20 locations will <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hotels-are-dumping-property-in-san-francisco-as-tourists-shun-crime-ridden-city\/\" title=\"Hotels in San Francisco are selling properties due to decreased tourism caused by the city's crime problem.\">face loans due<\/a> in the next two years, the <em>Journal<\/em> <a href=\"https:\/\/www.wsj.com\/articles\/hotel-owners-start-to-write-off-san-francisco-as-business-nosedives-e84c64ef\">reported<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>San Francisco&#8217;s office vacancies reached a record high in Q2 as businesses escape the crime-ridden city. The vacancy rate hit 31.8%, continuing a three-year market downturn trend. In the past three months, 1.9 million sq ft of office space was added, exacerbating the situation.<\/p>\n","protected":false},"author":1613,"featured_media":1959446,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1959445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1959445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1613"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1959445"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1959445\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1959446"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1959445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1959445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1959445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}