San Francisco's tattered office market may not have hit bottom, but the boom in generative AI startups appears to be lighting the path to a recovery in 2024.
First, we have to deliver some gloomy Q2 stats: San Francisco's office market ended the first half of 2023 with a vacancy rate of 31.6% and an overall availability rate of 36.3%.
Negative net absorption accelerated in the second quarter due to slow leasing activity combined with a higher volume of lease expirations and several new sublease listings, CBRE said in a new market report.
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