As we outlined last week, the amount of vacant office space in San Francisco has hit nearly 26 million square feet.
For context, the 1,070-foot-tall Salesforce/Transbay tower at First and Mission, which is the tallest building in San Francisco, contains 1.35 million square feet of office space spread across 59 floors.
And employing the framework we introduced back in 2020 and others have since co-opted as their own, there is now 19.2 Salesforce Towers, or over 1,100 Salesforce Tower floors, worth of empty office space spread across San Francisco, which is roughly enough space to accommodate between 148,000 AI or other full-time employees, based on an average, pre-Covid office density ratios, or up to 200,000 (a la Twitter/X or part-time) worker bees.
For additional context, that’s roughly 618 times Google’s headline lease of 42,000 square feet of additional office space in the city, which was billed as a bullish sign of a major player “bucking the trend” three years ago (when there was over 50 percent less vacant office space in San Francisco).
At the same time, there are now 7,400 fewer San Francisco residents with a job (557,600) than there were are the same time last year (565,000), with over 20,000 fewer employed people in San Francisco than there were at the end of 2019, prior to the pandemic, and over 14,000 fewer people in the local labor force (574,900), despite an unemployment rate of “just 3.0 percent.”