San Francisco now at 35% office vacancy rate, highest ever recorded: data
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- čas přidán 26. 08. 2024
- Downtown San Francisco was bustling with people several years ago, but according to the current numbers, the area now more vacant than ever. abc7ne.ws/3N7RJs8
#sanfrancisco #downtown #economy #society #abc7news
The first step towards solving a problem is acknowledging that there is a problem, and she's not.
"Those problems exist in every city"
Come on. No they don't.
Can't agree more
Kazuko is in the business of selling square feet, did you really think she's going to acknowledge the problem's in SF? I'm a regular visitor to SF from Canada; and as such, the changes to the city really hit me in the face when I get there. Wake up people, your city is in trouble.
Worry about ur own city
Just look at Embarcadero Centers 1 -4. That place is mostly vacant and looks like a ghost town. With successful remote work during the pandemic and a rise in crime and homelessness, there is really no essential need to go back. If anything, overhead costs for companies would go down as there is less of a need to spend on commercial lease space. If anything, most companies can consolidate and downsize reducing operating costs.
@@jayo9750He didn't say he was from the city. Stop lashing out like a 12 year old girl and acknowledge the point he was making.
That lady Is clueless. A few retailers coming back and more closing shop will not solve the problem. Deflecting the issue saying other cities have the same problem is a typical of
an airhead response.
Why would you set up shop and live in a place where people can justify:
- Stealing from others and having your belongings robbed of you makes you "stupid."
- Pooping on the floor is okay.
- Open air drug markets are okay.
- Homelessness and crazies that prevent SF from being a safe and walkable city are okay to exist.
It's a shame. I don't see any good news but more so an ability to finally wake up and take action. These criminals need to be dealt with.
Getting the evil and insanity voted for
Mayor London Breed thinks it OK. Heck,..her brother is in Prison for Robbery and Murder!!! When you have leaders like her in Office and you wonder why crime is out of control
Well it was like that in the 80s too. Its called a big city. U must be from the suburbs. It was mostly tech jobs and those are the only jobs u can do at home online so thats where everyone went
@@jayo9750 I don't see your point with things being remote and why vacancy is up. The thought process I wanted people to walk through was that there's very minimal value because there's arguably negative value to setting up any business in the city, regardless of remote or not. I personally still think San Francisco is the tech hub of the world with AI as the next wave but would be hesitant trying to convince employees to come in given that:
- public transit is slow, dirty, and not entirely safe.
- public transit parking in the suburbs are sparse and still subject to car break-ins
- traffic is not ideal coming in & out of the city
- parking is sparse and limited in the city
- toll roads (Express Lanes) and gas prices are increasingly expensive.
So paying a premium in terms of time, cost, and mental health in exchange for even a great working environment isn't worth it. Most people would choose to work in the office to have more segmentation and compartmentalization in their life if the commute was objectively easier.
Crazy how you focus on what other people are doing and don’t focus on the biggest issue of them all… cost of living
I would never locate my company in San Francisco now.
You see city councils and people like that Kasuko lady (2:06) trying to deny reality and blaming the negative coverage of reality as the cause of problems, but not the problems themselves. It’s bonkers. Exactly because of people like them, San Francisco is not a healthy and friendly environment not only for businesses but for human beings.
She's an Chinese spy
She’s in the commercial real estate biz, of course she would say the stupidity that came out of her mouth
You are so right.
@@Permitmon too many nuggets
Problem is SF does not PROSECUTE
Exactly. Retailers can't even go after the burglars. Robbers have more rights which is ridiculous.
Not only in SF in CA in general. CA laws and Governor bad policies do you’re research
You get what you voted for😃😃😃
Let’s be honest it’s way more than 35 percent I’ve seen actual as much as 70 percent in retail estate
They are making up the numbers and redefining definitions to fit their narrow agendas! Quite obviously!
35% for office spaces, not retail. Big difference
I'm in various buildings in FiDi and SoMa every day, they're ghost towns. While 35% may be the vacancy rate on paper, it's probably well over 50% if you count the tenants who have completely abandoned their office and are simply waiting for their lease to end. @@alejandroherrera5271
Totally agree. These numbers seem grossly under counted. It's got to be at least 40%
@@user-tr8fs7lm8r: People, even here on CZcams (real estate experts, etc) have estimated
closer to 45%, when you include smaller ground-level businesses, restaurants, bars, etc. ALL
public transportation has been affected with over 35% less in ridership. I live here in SF and
it has become a ghost town s#¡‡hole. I see it every day.
I disagree with the Asian speaker. Just because similar crimes exist in other American cities, does not make it acceptable. We should aim for a better standard of living not lowering our standards.
Whether u like it or not it has to exist somewhere and its always gonna exist in the big cities. Sf nyc la chicago. Etc. thats why if u dont like it u stay in the suburbs
According to the Mayor it is better now. I see more crime now than ever. Stores are leaving the Mayor is disillusioned. The lady is deflecting the issue. Crime exists everywhere but is more prevalent in San Francisco than ever before.
@@mocheen4837 not true. Crime was extremely violent in sf in the 1980s up to 2010. Theres less crime now then before. But these arent really violent theyre crimes of desperation. Fix the cost of living first
@@jayo9750 I didn't see human feces on the streets when I was in Japan, Hong Kong, or even NYC. That's not normal unless you're in a third world country
Why doesn’t being Asian have to be mentioned?
No. Those problems most certainly do not exist in every city 😂
She is wrong. My sisters car was broken into yesterday. So much for slowing crime.
@@mocheen4837 Cars get broken into in every city.
when was the last time you left your home?
If you worked in downtown SF, safety is definitely an issue from what is used to be. I worked in the Financial District, and it is a shell of itself now.
@@mocheen4837 Safety matters the most.
35% seems too low.
Kazuko Morgan is why SF is like it is, she saying our city has problems like any other city. Ask a long term SF local how problems have changed, not some $300K+ paid boomer who prolly drives to work and parks in basement garage
Thank the Mayor for this. She would rather have the homeless downtown than businesses and stores. Great job Mayor. I am not going back downtown. I love working from home. Traffic and homelessness is horrible. I do not feel safe in San Francisco.
I think the voters
@@safeandeffectivelol the entire country is unsafe lol
You voted for this
@@zazasnruntz7505 My city is just fine. I can take a walk at night without fear of being robbed, assaulted, or stepping on human feces.
If the govt. wants to clean things up aka APEC summit, this can be done. Unfortunately, this was done for optics and not to embarrass themselves.
Shoplifting in SF has become a new right! 😂
How is the media 'throwing you under the bus'?? The media is just showing what is actually going on in San Fran!
Media backlash? Throwing you under the bus? Maybe because it’s actually that bad!
Amazing they can keep their rates so high and still be vacant. People want that space, they just don't want to pay that much.
Saving it for China to buy up
Gavin Newsoms China syndrome
Money laundering
Greed is a hell of a drug.
Many of the real estate comoanare defaulting on their loans so the rents will eventually drop.
@Joe-no7gsnews says feds will keep it the same
“The media is throwing us under the bus”
Translation- “Who are you going to believe? Me? Or your own eyes?”
Problem is in every city but specially in San Francisco. I live in SF. It’s terrible.
I live in SF also (since August of 1981). It has become gloomy here.
Imagine paying that much rent or having a house that valuable for this to exist. I would move.
Here in Baltimore, we had this problem after covid but the state moved to relocate all state jobs departments to the city and the remaining buildings are being transitioned to luxury apartments
Not in every city. But in many and they all have something in common.
Nyc is becoming completely the same. It has become completely the same
I used to live in the Bay Area 10 years ago. I run a rather successful tech company. We moved to Austin a few years ago. You couldn’t pay me enough to bring my company to San Francisco and subject my employees to the nightmare of living and working in that city. The bleeding hearts have completely ruined the city and the city and state governments are completely clueless. San Francisco is a failed city.
Austin is a Democrat dump too. Florida is your best choice
Thank u for leaving. Us born n raised locals really dont want u here.
good. stay in Texas. we dont care
Sadly Austin is or already has too
Austin isn't that much better
I miss San Francisco, but I don't miss the element that has taken over the entire city.
POC gangs illegals homeless and fruit?
The Party
the nasty brown element
Funny because theres been crime and homeless for decades. So u must not go to sf very often
@@jayo9750 Its worse today because we used to arrest drug addicts and vagrants
we used to lock up the insane
CA was one of the first to set the insane free
We used to enforce immigration
In the last 40 years we have gone down hill from libs and diversity
Conventions left 20 years ago due to hotel costs.
35% is such a lie. I live here in SF and when I look up at office buildings, conservatively 60% empty.
That's the amount that isn't leased and is available to be rented. 60% includes leased space that big companies are on the hook for. So they sit there, dark. That's the doom loop the idiot in the video doesn't understand.
I agree. I recently visited and the amount of for lease signs and empty or boarded storefronts were astounding.
No… they aren’t those kind of problems, lady. Not on that frequency rate of occurrence… this is all being done by design.
No no Kabuki u silly fool not every city has the same problem. Sf’s problems are unique to the inept governance by the current group of idiotic supervisors and mayor. Doesn’t help the Justice system here doesn’t do its damn job.
Kazuko Morgan would make a good politician. Knows how to spin the truth. That happens to be a typical realtor trait as well.
I work in real estate and that industry is hurting especially on the commercial side. I agree she is not telling the whole story because vacancy rates are already at an all-time high. These real estate companies are hurting their bottom line. Our company used to be located in the tenderloin district but were able to afford commercial rent in the union square area because they are desperate for tenants. Essentially, we got a 40% discount on our lease.
It's good to hear how San Francisco officials are more worried software engineers, then retail workers. Like the old southern plantation saying goes: "You don't let the slaves sleep in the mansion".
San Francisco is confusing itself with Silicon Valley. Software engineers realized how shitty sf is. Now SF misses the money and I hope the entire tech industry moves out of there.
@@techman8817that would be a good thing. Cheaper everything
Smh, Dev/IT is the new plantation. Junior devs are rn getting entry level offers for $60k. $60k in a city that considers $117k to be "Low Income." Lol, IT guys are the new, "unwashed savages." 😆🤣
I don’t see what the big deal is. For a poop collector like me it’s a gold mine.
Some people see crisis, others see opportunity
Recall LONDON!
Well Gavin would disagree…he would blame it on big oil, on Trump, on climate change….but never on liberal democrat policies
Gavin said everything is fine...so much better than Florida😂😂😂
Unless your rich or have a very good paying job. I always tell people look elsewhere cause either state you’ll be thrown into a shitstorm.
Who in their right mind would want to work anywhere in SF?
I dreaded the commute but now it is my safety is what matters most. Plus, a lot of retail shops, restaurants, and banks are closing. You'd have to bring your own lunch daily and make sure you don't work late. Even if the salary was higher, it is not worth it.
Ummmmm...... to go from a 3% vacancy rate to a 35% vacancy rate is more than 11x, which is a more than 1000% increase in vacancies. It's disingenuous to say that the vacancy rate went up 30% - this is the absolute increase in the percent of vacancies, but it doesn't reflect the degree of change from the pre-pandemic base.
I scrolled way too long to find this comment!
SF liberal goverment. The gift that just keeps on giving.
Thew grift that keeps on grifting
Democrat destroyed this beautiful city
as if.
Should rent some of those offices to criminals, homeless and drug dealers, their businesses are thriving in SF!
I was waiting for that asinine comment
Those people belong in Jail or Asylums
Without a tax base there is no city
That’s all fine and dandy, but something has to be done about the thieves breaking into cars and retail theft, not to mention the druggies making up a large part of the population that is still there.
I think the vacancy is a good thing. I get to work from home and care for my family in person. My father never had the chance
@Joe-no7gs my life. My way. I’m not someone’s b****. How American is that? I’m a “knowledge worker” for a reason. I don’t need/want to show up in person.
One thing that should have been mentioned in the report is of those companies moving into those SF spots/leases they are doing so at a fire sale.
I worked in the financial district from 1990 to 2005 and I never saw stores boarded up or smash and grabs. Everything was thriving back then.
until the dark times, until the Newsome. Hey they keep voting for this so I guess they like it.
That was kind of the sweet spot. The mid to late 90's were probably the best.
But I just read a story that said crime and theft is very low on average in San Francisco compared to most large cities 😂
I have read that these numbers are brought down because most crimes aren't reported anymore. No point, because the police will tell you to just report it on line and then even if they catch someone, they are back on the street the next day.
Where did you read that? The SF Chronicle? KQED? Or some other liberal rag?
Probably because victims don't even bother to report certain crimes because police never show up and the DA doesn't prosecute.
Lol
Reported crime is on par with other major cities because the cops make it extremely difficult to just report a crime. It’s really a shame.
Kabuki Morgan sure used a lot of vague terms…..should be, might, fair amount
“These problems happen everywhere”
I promise you, they don’t. They happen in other major cities for sure, but they don’t happen everywhere.
Who is this cushy wokefield person blaming that the biggest problem is SF's social media representation.
A person who does not need to step on the Homeless poo, probably lives in a city outside of San fran :D
Last one leaving San Francisco remember to turn out the lights.
Who the hell wants to be a cop. It’s a horrible job.
Who wants diversity? oh yeah Jack Cash libs
Turn those space into homeless shelter 😂
Those problems exist in every city… uh I’ve never seen a car breakin or looting or camping, or open air drug markets in my city.
Maybe I am doing my math wrong but its not a 30% increase in vacancy rate, it is close to a 1,200% increase if prior to the pandemic it was 3% and now it is 36%. There is 12x as much office space that is empty than before the pandemic
Your math is correct
i lived in S F in the 70's when it was absolutely the best city in north america to live in. i was living in the marina district and i had a vet roadster. i left it unlocked at night with change in the ashtray, cassettes (which weren't cheap back then), a sweater or jacket and nobody went near it. now people will walk up to you in broad daylight and take out your gold fillings with pliers. sad times for this city.
You're either a liar or age has given you brain rot. Crime has gone down relative since the 70s and although there are still real problems that need addressing with a recent uptick during the pandemic, using hyperbole like people coming after you with pliers is the kind of warped delusions that isn't at all reflective of reality.
That’s a lot of space for migrants!!!!
This is why big media conglomerates tell you remote work is bad for you, the owners hate that their real state investments are not giving the returns they expected.
Still overpopulated
Yeah, it will not crash the Rent market.
To hear Gavin newsome San Francisco is doing great smh but you voted for this trump2024
Can't wait until Newsom gets in the White House. He can bring his success to us all.
This has nothing to do with Newsom. This started after him and after the pandemic. SF was full of tech companies downtown and they left and never returned after covid because it makes more sense for those people to work from home
That's what you get for mail order governor.
What’s driving up the property and living costs then?
Biden policies.
@@tomhamilton9140 This was occurring before Biden.
Ask Newsom @@maestoso47
Congratulations to liberal leadership
Politicians will deny this.
the finance area or district a ton of those people and persons can just work remotely this happen because of the past 3 years of the pandemic and its not going back, its not. its too expansive and expensive
Thanks to Mrs. Morgan, now the world knows that one of the toughest things Cushman & Wakefield has to deal with is the TRUTH.
You can thank Breed, Newsom and other California crooked politicians.
No, they don't control the economy.
Only 35% vacancy rate?
More like 35% occupancy rate.
Keep up the good work San Francisco. Waiting to see that stat go to 50%. I’m rooting for you guys. Also, I’m glad to see the great results that are coming from decriminalization of all crime. I’ve encouraged my cousin Tyrone and all his friends to move there. Lots of opportunities. No need to work. Just take what you want.
😀😀😀
If it wasn't all about money, the people who are forced to show up could at least be given real offices with walls and doors that close for quiet and privacy. The places imposing RTO mandates still have congested open floor plan seating that wrecks productivity and guarantees the start of a new round of pandemic.
Whatever happened to the free market. They should lower the lease rates and the demand will meet the supply . The problem is a lot of tax code incentivizes them to not lower prices so they can claim a loss on this to offset profits on other properties.
She is so delusional.
So let's build another huge skyscraper ! The city leaders are lining their pockets on foreign investment.
Home costs, rent costs, and crime makes no sense to return there.
The beauty of working from home is that you don't have to work in SF and you don't have to live in SF. You don't have to step foot in SF (watch your step)
Companies also save on overhead costs by not having to pay for commercial lease space. Employees save on commute time and costs eating outside for lunch and also the cost of the commute including parking.
we (tech industry) are never going back to the office. work from home is permanent across all computer employees. I’ve got friends who work for big banks to software development and everyone is staying home and fighting back if they are being forced into offices. I’m surprised they are claiming vacancy is only “35%” it’s actually more like 65% and most of that are just empty with servers sitting there until leases are up. and then they will move those servers to cheaper accommodations.
They should just let nature reclaim all the land
Who wants to live or work in a place where the leaders don't care about the people. San Francisco was once a great place. I live 45 minutes away and I don't feel comfortable going there.
Ignorant
Alarmists view it as a crisis.Others see opportunities.
There is a good chance that BlackRock is waiting for a property firesale and that was the plan all along.
Like China buying up San FranShitshow
Not anymore. Try setting up a business in this state and get hit with every regulation that will make you not want to do it.
@@jonnyfendi2003 Again, it is a matter of perspective. From Cerebral Valley to Biotech MB to CubeSat manufacturers, SF is a very profitable, fertile ground.
I see affordable housing
After watching the newsom vs desantis I have a feeling it gonna be higher.
Are you kidding? Newsom destroyed desantis.
You are obviously a conservative 🎉
@@reneedeniz How is Newsom better? Please explain.
Imagine how bad traffic would be at full capacity.
35% vacancy rate. Ok "journalists" how has this effected price per sq ft?
Levi's used to run a blue jean factory in San Francisco.
Perfect opportunity for upcoming businesses.
So they can become victims of theft.
Why don’t you just tax everyone again for not using the office
Maybe start off with getting rid of Newsome. His policies ruined that once great city
That lady needs to be fired if she is in any official gov position
WOKE POLICIES NEVER WORK
The joy of remote work will not be made the scapegoat thank you.
Why aren't any of these politicians or NGO's trying to convert some of that unused office space into residential units?
San Francisco doesn't need to improve its image, it needs to improve the underlying conditions that lead to the bad image in the first place. The first thing the city needs to do in its cleanup effort is to sweep out all the idiot elected officials whose misguided policies over the past years have laid the foundation for the city's decline.
One goes with the other.
The media threw us under the bus! lmfao
You can see in her eyes that she is outright lying ... Looking down with her eyes almost closed! Total lies
Turn them into residential
Chicago , New York , San Francisco, it’s a common theme, mayors who are in a job because of the colour of their skin, and not their ability.. Martin Luther king will be turning in his grave.. his dream of judging a man by the content of his character, and not the colour of his skin, has fallen on deaf ears
3:09 Nope. This woman is delirious. The outrageous cimes occuring in San Francisco she’s referring to are NOT happening in most other states and cities.
Thank a Democrat!
meanwhile, the clown mayor is sayin everything is great!
Democrat Utopia….
Wonder why ceos invested in this want people back
Most of the techie workers were fired and the ones kept work remotely, aka not on US soil so they don’t have to be paid as much.
Americans especially politicians are always about blaming everyone else but themselves.
isn’t it insane
Even higher still for retail spaces. No people, no profits, no local economy.
35%? It should be 60%
I would also recommend having more people be able to live down town, they qill be the main buyer of retail good in the city
She blames the media for the city's problems. It's stunning how predictable liberals can be when getting to the root of a problem; blame others.
Convert offices into apartments.
Did you think socialism was going to be fun?
Are u stupid?
It is all about policy making. More Californians are moving to Vegas (factors include, taxation, cost of living and crimes). In Vegas, you can see beautiful communities that you will feel like you are living in a countryside but within easy access to the Las Vegas strip.