According to Bloomberg, real-estate data analytics firm Green Street released a new report outlining how the office space market in San Francisco will be the worst-preforming market in the US for 2021. Even though office vacancies in Manhattan are at record highs, it appears San Francisco tops New York City as companies reevaluating their space thanks to the pandemic.
Green Street estimates that rent and occupancy may plunge 22% in San Francisco this year, the largest expected decline of any other city in the country. New York was number two with -17%, Los Angeles in third at -9%.
This means that California, New York and New Jersey plus several other Woke Blue states will be crashing hard economically. Don't forget that Biden extended rent freezes for 3 more months. What will happen to landlords? Please remember that a million small businesses are dying or have already died. Depression is around the corner.