"Prior to the pandemic, in the city of San Francisco, our office vacancy rate was about 4%.
San Francisco has been referred to as the work-from-home capital of the United States, with the American Community Survey finding that 46% of employees in San Francisco worked from home in 2021, up from 7% in 2019.
Under the Housing Element, the state of California is mandating that San Francisco build 82,000 new units of housing, including affordable units meant for low-income residents, by 2031.
"The rents that you can get for a life sciences lab space are much higher than office space.
The San Francisco mayor said the problem is that it takes a long time to build housing, especially given all the requirements.