Office Vacancy Rate in San Francisco Hits an Even Higher High
Having hit a pandemic-era high of 23 percent in the third quarter of last year, the effective office vacancy rate in San Francisco has since ticked up another 110 basis points to just over 24 percent, representing nearly 21 million square feet of vacant office space in buildings spread across the city, with 5.6 million square feet of space which is technically leased but unused and being offered for sublet, which is up from 5.2 million square feet of sublettable space in the third quarter, and the amount of un-leased and non-revenue producing space having increased from 14.7 to 15.2 million square feet, according to data from Cushman & Wakefield.
