Connect with us

San Francisco, CA

San Francisco's AI boom can't stop real estate slide, as office vacancies reach new record

Published

on

San Francisco's AI boom can't stop real estate slide, as office vacancies reach new record


Artificial intelligence has been a big boon for San Francisco real estate. But not enough of one to make up for the broader struggle across the market.

The vacancy rate for San Francisco office space reached a fresh record of 34.5% in the second quarter, according to a report Monday from commercial real estate firm Cushman & Wakefield. That’s up from 33.9% in the first quarter, 28.1% in the same period a year ago and 5% before the pandemic.

Meanwhile, the average asking rent dropped to $68.27 per square foot in the quarter, the lowest since late 2015, down from $72.90 a year earlier and a peak of $84.70 in 2020.

San Francisco is reeling from the twin challenges of bringing people back to the office after the Covid pandemic and a slowdown in the tech market that’s led to mass job cuts across the industry. Tech companies have laid off more than 530,000 employees since the start of 2022, according to the website Layoffs.fyi, with major downsizing at Alphabet, Meta, Amazon, Tesla, Microsoft and Salesforce.

Advertisement

Softening the blow of late has been the soaring popularity of generative AI and the decision by fast-growing startups to open large offices in San Francisco.

OpenAI, the market leader with a private valuation that’s topped $80 billion, announced in October that it was leasing about 500,000 square feet of space in the Mission Bay neighborhood, the biggest office lease in the city since 2018. Robert Sammons, senior research director at Cushman & Wakefield, said OpenAI is continuing to look for more space in the city.

Also last year, OpenAI rival Anthropic subleased 230,000 square feet at Slack’s headquarters. And in May of this year, Scale AI signed a lease for a reported 170,000 to 180,000 square feet of space in Airbnb’s office building.

“San Francisco is certainly the center of AI, but AI is not going to save the San Francisco commercial real estate market,” Sammons said. “It will help.”

While richly capitalized AI startups are signing large leases for new space, the bigger trend is that tech companies, law offices and consulting firms are looking to reduce their footprint when existing leases come up, Sammons said, reflecting the widespread move to hybrid work.

Advertisement

In many cases, companies are looking to relocate to higher quality space in more desirable parts of the city, because prices have come down and employers need to be near restaurants and shops to get staffers to come back, Sammons added.

“The best quality trophy space continues to perform well, because tenants want to be in the best locations with the best amenities around them,” Sammons said.

Some of the city’s top employers, including Salesforce, Uber, Visa and Wells Fargo, have brought employees back to offices for part of the week. That’s helped in the financial district, where the vacancy rate is still 34.2% on the north side and 32.7% on the south side at the end of the quarter. In SoMa, which historically was a popular area for venture-backed startups, the vacancy rate is almost 50%.

SoMa is further away from mass transit options and has also been hurt by large retail departures. Vacant office space across San Francisco for the quarter totaled 29.6 million square feet, Cushman & Wakefield said.

The firm said in its report that there are positive signs in the market, with absorption poised to improve in the second half and office job numbers stabilizing following a steep drop-off. But Sammons said it looks like there’s more room for rents to fall and for vacancies to rise. Uncertainty surrounding the upcoming presidential election may be a factor delaying new leases, he said.

Advertisement

“Sometimes tenants postpone making decisions when there are major elections,” he said.

WATCH: Commercial real estate vacancies in San Francisco are at an all-time high



Source link

San Francisco, CA

Hardin Fire in Napa County burns 55 acres near Pope Valley

Published

on

Hardin Fire in Napa County burns 55 acres near Pope Valley



A vegetation fire was burning in northern Napa County Monday afternoon northeast of Angwin.

Cal Fire said the Hardin Fire began at about 2:40 p.m. in the area of Hardin Road and Pope Canyon Road, east of Chiles Pope Valley Road.

The fire had burned 55 acres as of 3 p.m.

Advertisement

A status report at  3:45 p.m. said that crews were making good progress on the fire and that there were no evacuation orders at this time.  

As of 5:10 p.m. forward progress of the fire had been stopped, and containment was at 35%.

The cause was under investigation.

A view of the Hardin Fire from the ALERT California camera network.

Advertisement

Alert California / Cal Fire




Source link

Continue Reading

San Francisco, CA

A Leak of San Francisco Police Drone Footage Exposes the New Reality of Urban Surveillance

Published

on

A Leak of San Francisco Police Drone Footage Exposes the New Reality of Urban Surveillance


Just after noon on a Saturday last month, a Skydio X10 quadcopter hovered about 200 feet over a San Francisco apartment complex, watching police chase a man hiding behind a parked car. The target of this manhunt lay down on the pavement, apparently unaware that he remained in full view of the flying eye overhead. The 5-pound drone had, in fact, already followed him across the city, zooming in on his black SUV’s license plate, keeping the vehicle locked at the center of its video frame until he pulled over. Now it watched the police as they closed in and surrounded him.

As the officers approached, the man adjusted his hiding spot, moving to the other side of the parked car. At that moment, however, another Skydio drone zoomed in on his location, one of four Skydio quadcopters that had followed the man in just the prior hour. This one had been called away from a nearby McDonald’s, where it had been watching two people who’d exited the suspect’s car a few minutes earlier—and now began watching him from a second angle.

Within seconds, three officers converged on the man, two pointing weapons at him, then tackled him as half a dozen more police arrived on the scene. Police records provided to WIRED by the San Francisco Police Department show the entire street-and-sky response followed from what the SFPD described as an alleged “auto boost/strip” incident—the suspected theft of car parts or another object from a vehicle.

Advertisement

Drone footage exposed at a public web address shows how a quadcopter zoomed in on an SUV’s license plate, tracked it through traffic, then followed the driver as he exited the car and ran into an apartment complex. The suspect hid behind a vehicle, then adjusted his hiding place, yet was still visible to a second drone that arrived on the scene—one of four that tracked his location in a single hour and then captured police tackling him—all in response to what the SFPD describes as an alleged “auto boost/strip” incident, the theft of car parts or another object from a vehicle.

Materials reviewed by WIRED

This glimpse of modern drone-enabled police surveillance, including the highly sensitive video of the man’s physical takedown, wasn’t voluntarily released by the SFPD—which, like most US police departments, rarely releases drone videos even in response to public records requests. Instead, it was accidentally livestreamed onto the open internet via Skydio’s website. That’s where two security researchers, Sam Curry and Maik Robert, discovered that the SFPD was leaking all of the real-time footage from five of its surveillance drones, including both color and thermal imaging, accompanying location metadata, and the drone pilots’ names and email addresses, to anyone who merely found the public web address where the videos were hosted.

Curry and Robert say they reported their discovery to Skydio around two days after discovering it, and it was quickly taken offline. By then, though, the researchers had watched police carry out what appeared to be multiple arrests and searches as well as tracking cars and individuals from the sky, all visible at a fully public web address.

“There’s a certain trust given to the police to use these things correctly,” says Curry. “When you’re watching a drone feed live, you can look into dozens of different apartments, you can see police zooming in on people, you can see arrests. The fact that all of this was exposed feels like a really big issue from a privacy perspective.”

The leaked feed of video captures two forced detentions—whether any actual arrests were made is unclear from the footage—a police visit to an apartment in a high-rise apartment building, and an apparent search of an alley populated with homeless people, as well as numerous other more ambiguous instances where police used drones to surveil individuals, vehicles, or buildings. While the feed remained live, Curry and Robert began archiving the public stream of data and videos and later shared the results with WIRED.

Advertisement

Leaked drone video captures another detention.

Materials reviewed by WIRED

The archive Curry and Robert captured offers a detailed record of SFPD drone operations over about 48 hours in mid-June. It includes 60 videos from 20 separate flights, with each mission recorded from three feeds: a color camera, a thermal camera that renders people as heat signatures, and a third view from the drone’s rooftop dock. WIRED analyzed all 20 color videos with software that detects people, vehicles, and other objects in images. The review found that the cameras had filmed hundreds of people and vehicles across the 20 flights. In a single frame, as a drone hovered over a downtown intersection, the software counted 34 people crossing the street or standing on the sidewalks. Across all of the videos the footage showed clear faces of dozens of people.

Together, the videos amount to more than three hours of aerial color footage and roughly the same amount of thermal footage. The archive also includes second-by-second telemetry logs for every flight—more than 5,000 GPS points in all tracing over some 44 miles—recording each drone’s latitude and longitude, altitude, speed, heading, and battery level from takeoff to landing. Six SFPD pilots’ names and email addresses also appear across the logs.



Source link

Advertisement
Continue Reading

San Francisco, CA

How to watch San Francisco Giants vs. Colorado Rockies

Published

on

How to watch San Francisco Giants vs. Colorado Rockies


The San Francisco Giants conclude this four-game series against the Colorado Rockies this afternoon from Oracle Park.

Taking the mound for the Giants will be right-hander Trevor McDonald, who enters today’s game with a 5.46 ERA, 3.99 FIP, with 50 strikeouts to 20 walks in 59.1 innings pitched. His last start was in the Giants’ 9-3 loss to the Toronto Blue Jays on Tuesday, in which he allowed eight runs on 11 hits and one walk in two and a third innings.

He’ll be facing off against Rockies right-hander Michael Lorenzen, who enters today’s game with a 6.46 ERA, 4.83 FIP, with 72 strikeouts to 35 walks in 92 innings pitched. His last start was in the Rockies’ 4-3 win over the Los Angeles Dodgers on Tuesday, in which he allowed three runs (two earned) on six hits with five strikeouts and three walks in six innings.

Who: San Francisco Giants vs. Colorado Rockies

Advertisement

Where: Oracle Park, San Francisco, California

Regional broadcast: NBC Sports Bay Area

Radio: KNBR 680 AM/104.5 FM, KSFN 1510 AM



Source link

Advertisement
Continue Reading
Advertisement

Trending