Salesforce, which listed for sublease 412K SF last summer in one of its two namesake headquarters towers in San Francisco—where it is the largest private-sector employer—dropped the other shoe on Wednesday, announcing it will lay off 10% of its workforce, which totals an estimated 80,000.

The enterprise software giant hinted at more cuts to come—in its office footprint as well as its workforce—in a regulatory filing that said the company is undergoing a workforce restructuring it aims to complete by the end of fiscal 2024, to be accompanied by "real estate reductions" that will be completed by 2026.

The announcement comes on the heels of another harbinger of a deepening economic downturn: California's state labor agency, known as the Employment Development Department (EDD), reported this week that in the fourth quarter 42 Bay Area tech and bioscience companies slashed their payrolls, initiating layoffs totaling at least 9,000 workers.