San Francisco office vacancy rate soars to super high 27% in 2022

Vacancy rates in San Francisco hit an average of 27% in 2022 according to the CBRE real estate firm this week, jumping up from 19% in 2021 and 4% in 2022, becoming the highest vacancy rate the city has seen since the early 1990s.

Throughout the year, San Francisco has struggled to entice companies to bring employees back to downtown offices amid a growing desire to work from home and reduced costs for companies to do so, while at the same time dozens of tech companies have been reduced by tens of thousands of employees across the Bay Area, lowering office demand even further. Full-time office occupancy itself has remained under 40% for much of the year, with multiple enticements by the city failing to raise that mark.

In particular, the end of indoor masking in March had the city expecting a return of companies coming back downtown, much like they did with other Californian cities like Los Angeles and San Diego. But the enticements fell short, with many companies opting to either stay partially or totally remote due to the city refusing to budge on tax rates and other factors. As a result, San Francisco ended up giving $40 million to keep small businesses alive in the city center, with others nearby relying either on local residents or tourists to keep them alive.

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