San Francisco’s office-vacancy rate rose to a new record high of 36.6% in the first quarter of the year, but there were positive signs that leasing activity and tenant demand might be on track to hit the highest level since 2019, according to preliminary data from the real-estate company CBRE.
“The San Francisco office market is beginning to transition out of its four-year downturn. While it will take many years to rebalance supply and demand, we are starting to see positive signs,” said Colin Yasukochi, executive director of CBRE’s Tech Insights Center, in a prepared statement.
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