San Francisco Office Vacancy Rate Eclipses Financial-Crisis High
- More sublease space is available now than during dot-com bust
- Months of remote work has companies reevaluating office needs
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San Francisco’s office market is being hit so hard by the pandemic that, by some measures, it’s worse than the global financial crisis or dot-com collapse.
The city’s office-vacancy rate reached 16.7% at the end of 2020, up 11 percentage points from a year prior, according to a report from commercial real estate brokerage Cushman & Wakefield. That’s a higher level than in the aftermath of the 2008 recession.