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Mapping the exodusUnion Square has historically been a major commercial hub in the heart of San Francisco’s downtown. A complicated decline in downtownThe reasons for downtown San Francisco’s economic troubles are multi-faceted. In addition, San Francisco’s downtown has experienced a rise in its unhoused population. As San Francisco’s downtown area has emptied over the last three years, property crimes and retail thefts have risen, according to San Francisco Police Department data. Travel to San Francisco has yet to recover fully to pre-pandemic levels, according to data from San Francisco International Airport.
Persons: , , Elon Musk, Tesla, Francisco, , Lori Lincoln, San Francisco —, Lincoln, Breed, Alexander Quinn, Breed’s, Sarang Peruri Organizations: Los Angeles CNN, Lease, Google, city’s, Nordstrom, CNN, Westfield, San Francisco Centre, KGO, University of California, San Francisco Police Department, San Francisco International, San Francisco Travel, Tourism, San, Oxford Economics, Asia hasn’t, San Francisco Mayor London, Francisco’s, Oxford Capital Group, Ikea, IKEA Locations: Francisco’s, United States, San Francisco’s, Union, Westfield, San Francisco, San, California, Redfin, Palo Alto, Asia, Americas, Europe, Pacific, San Mateo, Lincoln, China, Downtown, Chicago
The city may have the recent AI boom to thank for the boost, experts say. According to data from VTS, San Francisco saw a recent boom in demand, experiencing a 10.2% demand increase in the most recent quarter. It's perhaps unsurprising that AI companies seem to have San Francisco in their sights. Quinn said JLL had 10 AI clients eyeing around 750,000 to one million square feet of San Francisco real estate. One AI company, Hive, recently announced it was subleasing three floors of a downtown San Francisco office — taking over space previously occupied by software company Okta, Bloomberg reported.
Persons: Alexander Quinn, Jones Lang LaSalle, Nick Romito –, , There's, Romito, It's, Quinn, JLL, , VTS's Romito, He's Organizations: Morning, PayPal, ChatGPT, San Francisco's Mission, San Francisco's, Economic, Workforce Development, Bloomberg Locations: Francisco, VTS, San Francisco, San Francisco's
In an aerial view, cars drive by the San Francisco skyline as they cross the San Francisco-Oakland Bay Bridge on October 27, 2022 in San Francisco, California. Alexander Quinn, senior director of research at commercial real estate company JLL, said his firm sees bright spots in San Francisco’s commercial real estate market as AI companies drive office leasing demand. A shopper exits the Westfield San Francisco Centre shopping mall in San Francisco, California, US, on Tuesday, June 13, 2023. The US Census Bureau reports an estimated 35% of employees in San Francisco and San Jose continue to work from home. “I think the crash is coming, and it hasn’t happened yet,” he added, referring to commercial real estate prices.
Persons: Naveen Rao, CBRE, Justin Sullivan, it’s, ” Rao, San, Alexander Quinn, JLL, ” Quinn, Rao, OpenAI, , “ There’s, MosaicML, Quinn, , Francisco’s, David Paul Morris, Henrique Dubugras, ” Michael Tannenbaum, Tannenbaum, Hans Hansson Organizations: CNN, San, Westfield, San Francisco Centre, Westfield San Francisco, Bloomberg, Getty, London, US, Locations: San Francisco, Southern California, Francisco, Oakland, San Francisco , California, , “ San Francisco, New York, Los Angeles, city’s, San Francisco’s Union, Coresight, Westfield San Francisco Centre, California, Francisco’s, San Jose, decamping, United States
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