Nearly 12 Million Square Feet of Vacant Office Space in S.F.

[Klaralven]

http://socketsite.com/archives/2020/10/nearly-12-million-square-feet-of-vacant-office-space-in-s-f.html

[LonePirate]

1. Time to rezone some of that as residential to ease the massive housing shortage there.

[roamer65]

9. That's actually a really good idea.

Most of that vacant space will never be used for offices again.

Companies have seen work from home actually works and saves them money.

[demosincebirth]

2. Pacific Gas and Electric, is moving lock, stock, and barrel to Oakland next year.

[lpbk2713]

3. That would make a hell of an echo.

[bluecollar2]

4. I'd move back...

Small apartment in the Stewart Street tower overlooking the bay where I used to work back in 75-76 would be cool.

[Kaleva]

7. Have you used Google Earth to check out your old neighborhood?

[bluecollar2]

8. No...probably should

Is it demolished now?

[Kaleva]

11. You could see how much it has changed and what remains the same.

I was stationed in Philly on two different occasions back in the '80's when I was in the Navy and once in awhile I walk around Philly using Google Earth.

My favorite bar back then was the KHYBER PASS PUB and it's still there.

[underpants]

5. In a real world this would reshape commercial real estate and homelessness

My daughter commented on the housing opportunities waaaay back in March.

[Moostache]

6. Almost certain that this is a permanent condition...

Those of us in office settings that ARE still going to work and have this year KNOW this...

My company has at least 50% of all employees working from home- entire departments are digital only employees with a laptop, their own internet access and a password to log into company PCs.

Zoom and Teams and other software have made it clear that maintaining a large office warehouse for human resources and accounting and customer service and many more departments is simply wasted revenue and has ZERO positive impact on productivity...hence, those people won't be returning and office space will not be renewed on leases or expanded any time soon.

That's in a relatively low cost area like St. Louis...in San Francisco, New York, Los Angeles and Chicago...its gonna be a rough landing in commercial real estate...

[roamer65]

10. THIS.

If any of you all have REITs in your 401k’s...DUMP THEM ASAP.

Commercial real estate is the next big crash.

[msongs]

12. one supects these megacorps just wqrite off alls the loses and party on nt