It is also showing signs of stabilization, including demand for office space, CBRE finds
San Francisco’s office vacancy rate inched up to another record high of 37% in the second quarter of 2024 while showing signs of “stabilization,” including rising demand for office space, according to the preliminary data released by commercial real-estate company CBRE.
Leasing activity surged to about 1.9 million square feet, bringing the total for the first half of the year to 3.3 million square feet — 25% ahead of last year’s pace. The second quarter looks to be on par with the 2019 pre-COVID-19 average of 7 million square feet, though net new demand — which could be companies expanding or new entrants to the market — is expected to be about 10% of tenants in the market versus 60% in 2019, CBRE’s numbers showed.
The biggest lease deal for the quarter was for the artificial-intelligence company Scale AI, which took 178,234 square feet in a sublease deal at 650 Townsend St., Yasukochi said. Other big deals included The City of San Francisco for 157,154 square feet at 1455 Market St., and workforce-management platform provider Rippling for 123,320 at 400 California St.
Palm founder Jeff Hawkins’ next big thing is an AI that learns like humans A mobile computing pioneer, Hawkins has spent much of the last 20 years focusing on his true love, neuroscience. He says his efforts are about to pay off The decline in office usage is historic and reflects not a change in office employment but a change in behavior, with many employees simply not commuting to offices to work regularly, he said.
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