San Francisco, CA
San Francisco now at 35% office vacancy rate, highest ever recorded: data
SAN FRANCISCO (KGO) — The skyline of San Francisco’s Financial District is about as picturesque as it gets. An area that was bustling with people several years ago, but one that according to the numbers, is now more vacant than ever.
“Right now in downtown San Francisco, we have a vacancy rate of a little over 35% which is the highest that we’ve ever recorded in the history of San Francisco,” says Colin Yasukochi who is an executive director of the tech insights center at CBRE, which focuses on the tech industry and how it affects commercial real estate. Yasukochi says that office vacancy numbers in San Francisco were 3 to 4% pre-pandemic, meaning we’ve seen more than a 30% increase and that trend may continue.
Take Action SF: Mayor, city leaders to answer questions about future of city
“We think that the vacancy rate will probably creep up some more in 2024, probably at least through the first half of the year. I would say because there still are firms who are consolidating and reducing the amount of office space they have,” said Yasukochi.
“The challenge still remains – remote work and the city’s reliance on tech as it’s largest industry and those tech workers, they’ve been working from home for a very long time and many of those businesses are operating successfully from home,” said Jeff Bellisario of the Bay Area Council. Bellisario says homelessness, crime, public safety, and all around cleanliness are still the top concerns among current and potential San Francisco employers. He also says one thing is true.
“It’s not a doom loop, right? The numbers don’t necessarily suggest that. A doom loop would have high unemployment, it would have businesses running to other cities. That’s not where we are but we’re not in a spot where we are thriving and succeeding, we’re kind of surviving,” said Bellisario.
While companies like Nordstrom, Cinemark, and Old Navy have closed retail locations in the city, Bellisario says San Francisco business license data shows that overall the city is no longer losing more companies than it’s gaining.
MORE: Despite downtown SF’s current rough patch, prominent business leaders are investing in it
Still though, retail vacancy rates have risen to above 18% in Union Square.
Kazuko Morgan of Cushman and Wakefield says businesses are opening up and good news is on the horizon.
“There are a number of leases that have been signed and not been announced that will probably be forthcoming next year. We have a fair amount of tenants that are under construction so that’s going to add to the vibrancy as well,” said Morgan.
Morgan says that workers going back to the office and more conventions would both help retail; but the positive image of San Francisco must also get out there too.
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The “Always San Francisco” campaign highlights the city’s most iconic sights and sounds with a minute-long commercial aimed at attracting tourists.
“Our biggest issue I think has just been the media backlash with the media throwing us under the bus, and I think that is probably been one of the toughest things we have had to deal with,” said Morgan.
ABC 7 News reporter J.R. Stone responded by saying, “People go and take video of dozens of people running out of a store and all of a sudden you see Walgreens close multiple locations and CVS close multiple locations. I do think there is something to be said in that there are actual problems.”
“Yes there are actual problems, those problems exist in every city, every shopping mall, even some of the best with the best of security and your classic high-end luxury,” responded Morgan.
Politicians have talked about the recent interest in San Francisco from artificial intelligence companies. Those we talked with said that while that is a definite positive going forward, those AI companies would take up only a small portion of the millions of square feet of vacant space available.
If you’re on the ABC7 News app, click here to watch live
San Francisco, CA
Former San Francisco Giants Slugger Signs Deal With Chicago White Sox
When former top prospect Heliot Ramos finally emerged for the San Francisco Giants this year, their outfield became fairly crowded during the season and when looking ahead towards the future.
Despite Jung Hoo Lee being sidelined with a shoulder injury that ended his rookie campaign, the everyday addition of Ramos alongside Michael Conforto, Mike Yastrzemski, Austin Slater and a rotating cast of minor leaguers because of injuries created a logjam.
Because of that, the Giants decided to ship Slater out to the Cincinnati Reds on July 7 in exchange for pitcher Alex Young.
That ended his eight-and-a-half-year tenure in San Francisco after he was taken in the eighth round of the 2014 MLB draft before becoming a top prospect ahead of his Major League debut in 2017.
But despite a few good seasons during his time with the Giants, namely in 2020 with a 151 OPS+ and in 2022 with a 121 OPS+ across his 125 games, they viewed him as expendable and shipped him out of town.
Slater’s tenure with the Reds was short, only playing in eight games before they sent him to the Baltimore Orioles ahead of the trade deadline.
Upon the season ending, the veteran outfielder elected to hit free agency, and according to Jon Heyman of The New York Post, he has now signed a Major League deal with the Chicago White Sox, although the terms have not been revealed.
The White Sox are coming off a historically poor campaign last year, so with them looking to turn the corner by getting established MLB talent into the mix, there’s a chance Slater gets a good amount of playing time.
San Francisco, CA
SF Mayor-elect Daniel Lurie's new transition team includes OpenAI co-founder, former fire chief
SAN FRANCISCO (KGO) — San Francisco Mayor-elect Daniel Lurie announced his new transition team on Monday nearly two weeks after he was elected as mayor.
The team consists of co-chairs and advisors. Some include Sam Altman, co-founder and CEO OpenAI, and former San Francisco Fire Chief Joanne Hayes-White.
MORE: Daniel Lurie delivers first remarks as San Francisco Mayor-elect, shares vision for city
“I’m excited to introduce this talented and diverse team who will help guide our transition and lay the groundwork for the change San Franciscans demand,” Lurie said in a press release to ABC7.
“Every one of these incredible leaders brings a track record of shaking up the status quo to deliver results. My transition co-chairs share my commitment to building an accountable, effective government to tackle the many challenges confronting our great city.”
Lurie says the co-chairs will be providing counsel to him and his advisors.
Daniel Lurie’s transition team, co-chairs:
- Sam Altman, co-founder and CEO of OpenAI
- Joanne Hayes-White, former SFFD Fire Chief
- José A. Quiñonez, founding CEO of Mission Asset Fund
- Ned Sega, Co-Chair of the Daniel Lurie for Mayor campaign
- Michael Tubbs, former Mayor of Stockton
- Nancy Tung, Chief of the Vulnerable Victims Unit and Community Partnerships at the SF DA’s Office
- Paul Yep, SFPD Commander in the Chief of Staff’s Office
Daniel Lurie delivers first remarks as San Francisco Mayor-elect, shares vision for city
Daniel Lurie made his first public announcement since becoming San Francisco’s mayor-elect after Mayor London Breed conceded the race.
Advisors
- Sara Fenske Bahat– Transition Director
- Ann O’Leary – Transition Counsel
- Ben Rosenfield – Senior Advisor
Lurie is succeeding incumbent Mayor London Breed, who conceded to Lurie on Nov. 7, after election results showed Lurie receiving more first-place ranked-choice votes than Breed.
It is the first time since 1991 that an incumbent mayor has been unseated.
VIDEO: SF Mayor London Breed gives concession speech for mayoral race
San Francisco Mayor London Breed conceded to challenger Daniel Lurie on Thursday and said she called to congratulate the Levi Strauss heir.
Lurie said he would declare a fentanyl state of emergency on his first day in office, without offering further details about what that would entail.
Lurie is an heir to the Levi Strauss estate, a father of two and a San Francisco native.
He founded and served as the CEO of the nonprofit organization Tipping Point Community in 2005 to focus on anti-poverty initiatives such as housing, education and job training.
Lurie will be sworn in as San Francisco’s 46th mayor on Jan. 8.
Bay City News contributed to this report
Copyright © 2024 KGO-TV. All Rights Reserved.
San Francisco, CA
San Francisco remembers traffic victims 10 years into 'Vision Zero' commitment
SAN FRANCISCO (KGO) — It was a powerful symbol in San Francisco Sunday of the dangerous toll of our roads.
A vigil honored the hundreds of people killed on San Francisco streets as the city pushes to make them safer. This comes as San Francisco marks 10 years of “Vision Zero” efforts meant to stop traffic deaths.
Three hundred and seventeen pairs of white-painted “ghost shoes” lined up on the steps of San Francisco City Hall Sunday.
Each was with a name, every one of them representing someone killed on city streets–on bikes and scooters, in cars and on foot.
It was the total of victims since 2014, when the city committed to Vision Zero and efforts to reduce and eventually eliminate traffic deaths by making roads safer.
MORE: SF eliminating 14,000 parking spaces as CA’s new Daylighting Law takes effect: Here’s what it means
“We never want to contribute more ghost shoes to this memorial. It’s the hardest part to see this number grow,” said Jodie Medeiros, executive director of Walk San Francisco. Medeiros noted noted that while the overall number of victims is down so far this year, the number of pedestrians killed remains the same.
“The same number of pedestrians since the policy was passed in 2014. And Walk San Francisco being the pedestrian advocacy organization trying to make San Francisco the most pedestrian-friendly city, this does hit us the hardest, and this is why we do push on our city to make sure that our streets are safe for people walk,” Medeiros said.
Among the safety measures they’ve pushed for are speed cameras.
“We worked really hard. Walks in Francisco and families receive streets and getting the speed camera pilot to come to San Francisco,” Medeiros said.
MORE: SF divided over ‘Slow Streets’ program: Here’s what residents are saying
Those efforts mean a lot to families like Jenny Yu’s. Her mom was hit by a speeding driver in 2011.
“A speeding driver turning left struck her with an SUV and threw her body to the other side of the road, where she needed to have surgery to remove her brain cap, because it was too much pressure, but they saved her,” Yu said, explaining her mom hasn’t been the same since. “She now needs 24/7 cae. She’s physically here, but she can’t be by herself.”
And, that’s why advocates are calling for another commitment from the city.
“San Francisco learned a lot in 10 years. So, how do we build on those learnings to make a really smart policy for the next decade?” Medeiros said.
Copyright © 2024 KGO-TV. All Rights Reserved.
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