Over 30 million.
That’s the total of empty office space in San Francisco. If that number sounds too massive to comprehend, just picture this for perspective…
The Pentagon has about 6.6 million square feet of office space. So there’s about 4.5 times the office space of the Pentagon worth of empty space in San Francisco alone.
Industry insiders estimate that nearly 36% of offices in San Francisco are currently vacant.
But this issue isn’t limited to San Francisco. It’s widespread across the country…
A recent study from the real estate firm Cushman & Wakefield found that about a fifth of office spaces are empty throughout the U.S.
That’s a staggering 20%. Even higher than the vacancy rate during the 2008 global financial crisis.
Meanwhile, commercial real estate (RE) foreclosures recently jumped 117%.
Hellbound and Down 