According to Colliers International retail broker Ross Portugeis, “San Francisco’s retail vacancy rate leaped in the past year from 3 or 4 percent to 12 or 13 percent” but Portugeis feels the market started stabilizing in May. As always, time and SocketSite will tell.
And according to Edward Plant of Edward Plant Co. Inc. which specializes in leasing San Francisco retail space, the strongest markets/streets currently include Chestnut, Castro and Hayes, while the weakest include Union, Fillmore and Valencia.
No mention of the numerous still vacant retail spaces in new developments across town.
∙ Empty stores boost lease deals [San Francisco Examiner]
Comments from Plugged-In Readers
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one of the weakest is Valencia. Hmm, glad to hear that the voters are getting what they wanted.
Would restrictions on chain stores be adding to this situation?
Unlikely, more like the 10 thousand unnecessary nail salons and “spas” on union/fillmore… Valencia just got nuts in terms of gentrified new biz’s that the neighborhood now can’t support.
Sutter St. from Market to Stockton has 6+ vacant
street level commercial spaces. Is this considered
average?
Where are in SF are they paying rent of $540/sf? Curious about this “prime retail space”.