Name: Why Landlords in San Francisco Are STRUGGLING More Than Ever!
Uploaded: 2023-10-10T16:45:10+00:00
Duration: 20 min 53 s
Description: San Francisco's golden city is becoming more of a tarnished brass trinket, as office building defaults rise faster than a sourdough starter in a Haight-Ashbury kitchen. Office building vacancy rates h

2 years ago

102

San Francisco's golden city is becoming more of a tarnished brass trinket, as office building defaults rise faster than a sourdough starter in a Haight-Ashbury kitchen. Office building vacancy rates have soared to a staggering 34%, leaving landlords wrestling with higher interest rates and giving a rather literal meaning to the term "empty suits." Amidst all this, lenders find themselves as the reluctant new owners of these deserted glass towers. It's not Wall Street elites salivating over these buildings; it's more like they're stuck holding the bag.

Wait, there's more! As businesses adapt to remote work, the need for downtown office space is becoming as dated as a San Francisco hippie. It's no longer flower power but remote power that holds sway, as tech employees discover that they can indeed code without a view of the Golden Gate Bridge. Higher interest rates compound the misery, making it nigh impossible for landlords to refinance. The result? A downturn in property valuations and weaker tax revenue for a city that faces a looming budget deficit potentially topping $1 billion. The liberal utopia is on a slippery slope to becoming a landlord's dystopia.

#SanFranciscoDefaults #OfficeSpaceCrisis #LiberalUtopiaGoneWrong

𝗚𝗢 𝗣𝗥𝗘𝗠𝗜𝗨𝗠 𝗪𝗜𝗧𝗛 𝗥𝗘𝗔𝗦𝗢𝗡𝗔𝗕𝗟𝗘+ 𝗙𝗢𝗥 𝗨𝗡𝗖𝗘𝗡𝗦𝗢𝗥𝗘𝗗 𝗔𝗖𝗖𝗘𝗦𝗦 🌟
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𝗧𝗜𝗠𝗘𝗦𝗧𝗔𝗠𝗣𝗦
00:00 Introduction: San Francisco's Office Building Crisis
02:04 Why Employees Are Avoiding Downtown
04:34 The Impact of Rising Interest Rates
06:07 San Francisco vs Seattle: A Comparative Analysis
08:16 Troubled Areas: Tenderloin and Financial District
10:15 Weakening City Revenue and Tax Implications
12:19 Struggles with Property Refinancing
14:21 Global Work-From-Home Trends Affecting San Francisco
16:00 Microsoft’s Big Lease Exit
18:17 The New Appeal of Suburban Offices