Part 2/10:
Recent reports indicate that San Francisco's commercial vacancy rate has ballooned to more than 35%, historically the highest it has ever been. This stark shift—from a pre-pandemic vacancy rate of around 3 to 4%—reflects profound transformations in work culture and city dynamics. Businesses are grappling with the aftermath of remote work policies that have persisted beyond initial pandemic measures, leading to significant reductions in a demand for office space. Experts predict that this trend is likely to continue well into 2024.