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City economists, BOMA and OEWD outline downtown office vacancy, lost revenue and recovery steps
Summary
A committee hearing reviewed data showing elevated downtown office vacancy, steep drops in downtown sales tax and low office attendance; presenters highlighted impacts on janitorial and trade jobs and outlined recovery measures including events, permit streamlining and a consultant study.
San Francisco’s Land Use and Transportation Committee on Feb. 7 held a hearing on the economic impact of vacant downtown office buildings after the pandemic. Sponsor Supervisor Safae opened the hearing and said the committee would hear from the city economist, private building representatives and the Office of Economic and Workforce Development on vacancy, lost revenue and recovery options.
City Economist Ted Egan presented broker data through the end of 2021 showing vacancy rates remain highly elevated: many broker series reported vacancy above 20%, and some smaller submarkets show vacancy in the 30–40% range. He said leasing activity remained low, sublease…
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