The past year hasn’t been a banner one for San Francisco’s office towers. As the city gained the title of the nation’s work-from-home capital, its commercial real estate sector lost tenants, and as a result, the city now faces a budget shortfall because of lower tax revenue.
Last week, Meta announced it would give up 435,000 of its square feet at the luxury 181 Fremont St. tower, the latest move in the company’s effort to “recalibrate” its leases around the world. The space which primarily housed Instagram's employees is now the largest sublease available in San Francisco.
And though the announcement places Meta at No. 2 in terms of most SF office space left behind in the past year, the top spot is still held by Block: The owner of Square said last June that it would not renew its 470,000-square-foot lease on Market Street when it expires this fall.
In total, the 2.4 million square feet being vacated by the 10 companies below is about on par with the combined total office space at San Francisco’s three tallest towers—181 Fremont, the Transamerica Tower and the Salesforce Tower.
Correction: The headline for this story was revised to clarify these companies' moves as "vacating" office space rather than "abandoning" it.
Shelley D. Fargo can be reached at [email protected]
Maryann Jones Thompson can be reached at [email protected]