Office vacancy rates in San Francisco continue to climb, with new records being set monthly as businesses continue to flee and office workers resist a return to the city, according to experts.
Vacancy rates reportedly surpassed 31 percent in May, the highest ever recorded in the city—historically known as an attractive location for businesses, ranking as one of the most expensive commercial real estate markets in the world.
Statistics vary based on source, but several brokers told The Epoch Times that the rate is higher than reported in San Francisco.
“The vacancy is really upwards of close to 40 percent,” Hans Hansson, president of Starboard CRE—a commercial real estate firm located in San Francisco—told The Epoch Times. “The collapse is only beginning, and it’s going to get far worse. There’s going to be a lot of pain.”…