San Francisco's downtown 'never going back to the way it was,' Salesforce's Marc Benioff says
Dolly Lenz Real Estate CEO Dolly Lenz and managing director Jenny Lenz analyze the New York, Florida and San Francisco real estate markets on 'The Claman Countdown.'
San Francisco, California-based tech CEO Mark Benioff says the city will never go back to the way it was before the pandemic, advising city officials to convert old office space into housing, and hire more police.
In just three years, the pandemic forced companies to rethink how their workforce conducts business, stripping away the crowds and bustling environment metropolitans like San Francisco, California were known for having.
Now, as some things return to normal, many workers who commuted to San Francisco continue to work remote and the Golden City is struggling to keep businesses intact, leaving many buildings vacant.
The Associated Press reported that office vacancy rates in San Francisco were 24.8% in the first quarter, more than five times higher than pre-pandemic levels and well above the average rate of 18.5% for the nation’s top cities, according to CBRE, a commercial real estate services company.
AIRBNB BOOKINGS DIP IN AUSTIN, SAN FRANCISCO PROMPTING ‘DOOM LOOP’ FEARS
A Nordstrom store in downtown San Francisco. The store and a Nordstrom Rack across the street will close this summer, the company sails Tuesday. (Google Maps / Google Maps)
For San Francisco, the three-year exile resulted in empty storefronts with large «going out of business» signs hanging from windows.
Popular shops like Uniqlo, Nordstrom Rack and Anthropologie have left, toiletries like shampoo and toothpaste are locked up at pharmacies, and places like Gucci get hit by armed robbers in broad daylight.
The popularity of remote work decreased the number of workers commuting
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