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Old 04-01-2024, 07:23 AM
 
Location: SF Bay Area
7,711 posts, read 4,032,222 times
Reputation: 5638

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Quote:
The office vacancy rate hit 36.6% in San Francisco during the first quarter of 2024, up from 35.6% in the fourth quarter of 2023. Total availability, which includes occupied space, ticked up to 38.7% from the 38.5% recorded at the end of 2023, according to preliminary data.

https://www.globest.com/2024/03/27/o...20240301091226
I thought AI was going to save downtown San Francisco? A 1% increase is not a lot, but it's not a decrease or even breaking even.

As leases expire, expect the office vacancy rate to increase at least for this year.
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Old 04-01-2024, 08:48 AM
 
Location: On the water.
21,813 posts, read 16,487,284 times
Reputation: 19980
Give it a minute.
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Old 04-01-2024, 09:15 AM
 
Location: SF/Mill Valley
8,798 posts, read 3,956,957 times
Reputation: 6185
Quote:
Originally Posted by mattja View Post
I thought AI was going to save downtown San Francisco? A 1% increase is not a lot, but it's not a decrease or even breaking even.

As leases expire, expect the office vacancy rate to increase at least for this year.
Obviously, it’s not going to happen overnight. That said, Avison Young forecasts a slight decline by the end of the year and into 2025. While recovery may certainly be slow, the sky isn’t falling. We have a highly-educated talent pool and access to top universities as well as unmatched geography. And, yes, almost a quarter of AI job postings nationwide are from companies headquartered in SF.
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Old 04-01-2024, 10:43 AM
 
Location: SF Bay Area
7,711 posts, read 4,032,222 times
Reputation: 5638
There's nothing special about AI that the work can't be completed at home, just like any other software. Work-from-home is still the norm, and not just for tech. SF better think-up something fast -- something that requires the employees to be in the office.

So far, most companies have been unwilling to put the hammer down. IMO, it will take a recession for that to happen. No amount of free meals or in-office dental care will entice people to endure hour-plus commutes on the slime-pit that BART has become or pay $4,000/month for a studio apartment in a neighborhood with empty storefronts; Your favorite bar or restaurant went bankrupt during the lockdowns and was replaced by a Chipotle or Starbucks. Great.
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Old 04-02-2024, 07:37 AM
 
Location: SF/Mill Valley
8,798 posts, read 3,956,957 times
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Quote:
Originally Posted by mattja View Post
There's nothing special about AI that the work can't be completed at home, just like any other software. Work-from-home is still the norm, and not just for tech. SF better think-up something fast -- something that requires the employees to be in the office.
In terms of ‘thinking-up something’, apparently you aren’t aware of the ‘30 by 30’ initiative (or the propositions relative to such) as well as company return-to-office mandates. Also, the majority of AI postings speak to excellent communication/collaborative skills (with technical and non-technical partners) as well as ‘dedication’ i.e. in-person employment. However, obviously, generative AI will transform hybrid and remote work - everywhere.

That said, the plan is to attract 30,000 residents and (graduate) students to the City’s downtown over the next several years.
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Old 04-03-2024, 06:02 AM
 
11,893 posts, read 8,137,676 times
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Im just going to say, I will gladly leave a job that forces me to return to the office at this point. Don't see the point of returning to those soul sucking commutes and personality-less cubicles all just to have the privilege of being a metric to represent office staffing.
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Old 04-03-2024, 09:39 AM
 
Location: SF Bay Area
7,711 posts, read 4,032,222 times
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Quote:
Originally Posted by CorporateCowboy View Post
In terms of ‘thinking-up something’, apparently you aren’t aware of the ‘30 by 30’ initiative (or the propositions relative to such)
You mean the project to increase park and open space in California by as much as 30%, making the housing situation even worse?

How will that get people into the office in downtown San Francisco?

Quote:
as well as company return-to-office mandates.
That's the problem. Employees are refusing to return.

Quote:
Also, the majority of AI postings speak to excellent communication/collaborative skills (with technical and non-technical partners) as well as ‘dedication’ i.e. in-person employment.
Makes no difference. The entire purpose of apps like Zoom and MS Teams is so people can collaborate. Nothing is special about AI that it requires in-office workers.

Quote:
However, obviously, generative AI will transform hybrid and remote work - everywhere.
Really? How so?

Quote:
That said, the plan is to attract 30,000 residents and (graduate) students to the City’s downtown over the next several years.
Plans, plans, plans.

But no action EXCEPT when the bigwigs are in town, like when Xi came. Then the mayor showed they can ACT quickly when they want to.

No one wants to go downtown as long as it remains a cesspool. And since the Tenderloin bleeds onto Market and Downtown, nothing will change until that's cleaned up as well.

Then maybe people will be interested in going back to the office. Maybe.
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Old 04-03-2024, 10:16 AM
 
Location: On the water.
21,813 posts, read 16,487,284 times
Reputation: 19980
Quote:
Originally Posted by mattja View Post
You mean the project to increase park and open space in California by as much as 30%, making the housing situation even worse?

...
Well, you caught my attention … how will park and open space expansion make housing situation worse?
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Old 04-03-2024, 12:56 PM
 
Location: SF/Mill Valley
8,798 posts, read 3,956,957 times
Reputation: 6185
Quote:
Originally Posted by mattja View Post
You mean the project to increase park and open space in California by as much as 30%, making the housing situation even worse?

How will that get people into the office in downtown San Francisco?
No, although housing in SF is essentially what I was speaking to (such as UC Law’s new residential building). If you lived in/near SF, you’d be aware of the plan/goal to bring 30,000 new residents and students to downtown (and Breed’s annual address, for that matter).

Quote:
Originally Posted by mattja View Post
Employees are refusing to return.
In some cases, it’s why the company mandates were necessary (relative to hybrid scenarios); that said, many of them have not yet taken effect. Ultimately, the employer determines where work will be performed (as is the case relative to the AI job postings I previously mentioned).
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Old 04-03-2024, 11:32 PM
 
Location: SF Bay Area
7,711 posts, read 4,032,222 times
Reputation: 5638
Quote:
Originally Posted by Tulemutt View Post
Well, you caught my attention … how will park and open space expansion make housing situation worse?
Simple. New land taken off the market permanently can never be developed, ever.
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