Wall Street Journal (April 17)
Marking “a sharp reversal” from years of “bolstering their office footprints,” Big Tech is now “downsizing workspace in another blow to office real estate.” Especially hard hit, “San Francisco’s office-vacancy rate hit a record 36.7% in the first quarter,” roughly ten times worse than early 2019 when it stood at 3.6%.
Tags: 2019, 3.6%, 36.7%, Big tech, Downsizing, Footprints, Office, Real estate, Record, Reversal, San Francisco, Vacancy, Workspace
Boston Globe (February 2)
“More than 10 months into a pandemic that has all but emptied downtown towers, the long-term future of offices in Boston remains unclear. Vacancy rates downtown are the highest they’ve been in a decade. There’s more than 3.5 million square feet available for sublease from companies holding long-term leases on space they’ve decided they no longer need. Rents, after climbing steadily for years, are starting to fall.”
Tags: Boston, Companies, Downtown, Emptied, Future, Leases, Long term, Offices, Pandemic, Rents, Sublease, Towers, Vacancy
Bloomberg (January 12, 2012)
In Tokyo, “rents are now at the lowest since Miki Shoji started compiling data in 1990.”
Office rent fell 3.7% in 2011 from 2010. Simultaneously, the Capital’s vacancy rate climbed to 9.01% from 8.91%. With new office space set to increase by 12% in 2012, the vacancy rate is expected to remain high, with continued flexibility on rents.
Tags: Miki Shoji, Office, Rent, Tokyo, Vacancy
