“Instead of feeling like a hollowed-out ghost town that people quickly abandoned, it felt like there was a green sprout of life,” he said. “I felt the sparkle of energy that was there.”
An estimated 137,500 workers from San Francisco companies, including Google, Facebook and Uber, apparently disappeared overnight when the blockade was issued in March 2020.
Moving vans were carted from households for larger suburban homes, and young people simply packed their cars away because they could work from anywhere. Housing rents have plummeted, but are now rising.
Office vacancy rates in San Francisco have risen from 10% in the previous year to 18%, said John Chan, senior vice president of commercial real estate finance and advisory firm Marcus & Millichap. The vacancy rate in Los Angeles was 17.5%, up from 13.5% in the previous year.
Perhaps more obvious is that only 14% of keycards are used to enter the San Francisco office, compared to 24% in Los Angeles. The other end of the spectrum is Dallas, and the data show that 41% of the cards are used, reflecting different approaches to the virus in the two states.
Workers suddenly abandoned San Francisco when the original closure order came into effect, Chan said. He hopes the return will be slower.
Paralegal Lisa Elder, who has been working in the office since July, said the area was once her shadow, even if some restaurants and cafes were recently reopened.
LA, San Francisco improve for wider business resumption | Entertainment
Source link LA, San Francisco improve for wider business resumption | Entertainment