We hate to stick a lump of coal in somebody's stocking on the cusp of a holiday, so we'll preface this bad news with a promise that things are going to get better in the new year.
The vacancy rate in San Francisco's battered office market set a new record in the fourth quarter, ticking up to 35.9%, a 2% jump from the previous quarter, according to preliminary data from CBRE, the San Francisco Business Times reported.
Negative net absorption in the office sector totaled 1.4M SF in Q4, which brings the 2023 total to a yawning deficit of 6.7M SF, the worst performance in San Francisco's 88M SF market since the onset of the pandemic in 2020, when the city recorded negative net absorption of 9.9M SF.
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