Office Vacancies Reach 21% in Financial District
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From Times Wire Reports
Office vacancies in San Francisco’s central business district climbed to 21% this week, compared with 19% a year ago, according to a quarterly survey by Cushman & Wakefield, a real estate services firm.
Downtown office rents dropped to an average of $27.72 per square foot, compared with $32.64 a year ago. That marked the 10th consecutive quarter that prices have fallen.
Citywide, 17 million square feet of office space sits empty today, out of a total inventory of about 71 million square feet.
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