Cushman & Wakefield found that the vacancy rate for office space in San Francisco reached a record high of 34.5% in the second quarter.
More than one in three offices in San Francisco are vacant despite an artificial intelligence boom that has boosted the stocks of major tech giants based in Silicon Valley, according to a report.in San Francisco reached a record high of 34.5% in the second quarter — up from 33.9% in the first quarter.
The average rent fell in the second quarter to $68.27 per square foot — the lowest since 2015, according to Cushman & Wakefield.Fox News host slams 'dozens' of Biden allies who weren't 'able or willing' to defend president on show The company’s report found that while the total vacancy rate was increasing, the rate at which it was increasing had slowed a bit.The city has seen a rash of retail closures as well as an exodus of tech companies who have shifted their headquarters to elsewhere.San Francisco’s downtown managed to attract artificial intelligence startups who took up office space in the area.
OpenAI, the world’s most valuable AI company, announced last fall that it would be leasing around 500,000 square feet of office space in the Mission Bay section of the city — the biggest lease of office space in San Francisco since 2018.In May, Scale AI signed a lease to move in to Airbnb’s office building, where it will take up around 180,000 square feet of space.
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