Big tech employers like Salesforce and Google are staying flexible when it comes to bringing people back.
$71 million for a building in San Francisco’s South of Market neighborhood, setting a record at over $1,700 per square foot.
“We’ve seen some really big deals and big tech companies are taking advantage of the market and realizing they’re more comfortable going back into the office part-time and will need it down the road,” Sammons said."They are the kind of companies that have funds ready to do that kind of thing.”analysts and others expect the downtown area’s real estate market to meaningfully recover in 2024 and 2025.
"Bringing back the tech sector's Gold Rush fever, and convincing workers from other areas to move to the Bay Area, will be even more of a challenge,” the analysts wrote. However, “while many companies have expanded or even relocated outside the region, the Bay Area still possesses the most complete tech ecosystem in the world,” they said.a $14 annual billion budget for the 2022-23 fiscal year, acknowledges that the world of work has changed.
The market faces additional potential turmoil as real estate contracts expire in the next year or so. Landlords are likely to be forced to offer better terms for tenants, who are contemplating walking away or at least downsizing, experts said.
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