Remote work is starting to hit office rents
San Franciscans seems to have just collectively abandoned downtown. Empty offices, empty retail, empty streets, seemingly no attempt to do anything new down there.It’s mostly fine with me, I don’t really need to go there and I’m lucky to be able to WFH, but I think 30% doesn’t even begin to describe how far it will fall if nothing changes. The value of that entire area for business is headed to zero.The real shame for me is Market Street. It’s the main transit artery (Bart, Muni) and bike route through a large part of the city. And most of it is now downright scary. Just hundreds of people in bad situations, not somewhere I’d want to linger.