As we outlined earlier this week, the amount of vacant office space in San Francisco now totals nearly 28 million square feet, having increased by 2 million square feet in the fourth quarter of last year. And yes, that’s net of Open AI’s sublet of nearly 500,000 square feet of space in Uber’s Mission Bay HQ development.
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 developed back in 2020 and others have since co-opted as their own, there is now 20.7 Salesforce Towers – or over 1,200 Salesforce Tower floors – worth of empty office space spread across San Francisco, which is roughly enough space to accommodate between 160,000 full-time employees, based on pre-Covid office density ratios, or up to 215,000 part-time or twitter-esque 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, or over 1,600 times the recently headlined “full floor leases!” at 350 California Street.
At the same time, there are now over 13,000 fewer San Francisco residents with a job than there were are the same time last year, with over 25,000 fewer employed people in San Francisco than there were at the end of 2019, prior to the pandemic, and over 16,000 fewer people in the local labor force.