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City Seeks Answers to Unfinished Office Buildings

SAN FRANCISCO-The San Francisco Planning Commission is holding a meeting this week to determine what to do with all the unfinished office projects throughout the city that are the result of today's shaky office market.

By Michelle Savage | Updated on May 29, 2002

SAN FRANCISCO-As a result of several delayed new commercial real estate developments following the dot-com bust, the San Francisco Planning Commission has planned a hearing this week to determine the status of millions of square feet of approved construction that has not yet gone up.

As the office market in San Francisco boomed and real estate was the best investment, developers fought for new building permits. However, when the economy crashed, resulting in nearly 14 million sf of vacant space, approved developments either delayed construction or scrapped the groundbreakings indefinitely.

Now the city is experiencing an all-time low in the commercial real estate market, with a 21 percent vacancy rate and rental rates that have fallen from $80 per sf to less than $30 per sf.

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