On Thursday, San Francisco Mayor London suggested Breed “to redesign the city’s ailing downtown by demolishing abandoned retail space,” reports CNN, “and building new structures to transform the ailing city…” Breed’s comments come at one A time when San Francisco is faced with empty offices, a crashing commercial real estate market, and a brain drain from the once-busy downtown area, especially as the pandemic home office policy has caused many residents to migrate to more affordable parts of the country…Breed argued that it It was a general shift The post-pandemic trend towards online shopping has contributed to the decline in foot traffic in the region.
“You can transform certain spaces. A Westfield Mall could become something very different than what it is now,” she said. “We can even demolish the whole building and build a whole new football stadium. We can create lab space or think of it as another company with a different function,” she added…
Many tech companies in the city have quickly transitioned to remote work or flexible hybrid policies in recent years, causing many workers to leave the city. Office vacancy in San Francisco has hit a 30-year high, negatively impacting the city’s commercial real estate market and local retailers and restaurants, which are seeing declines in sales and foot traffic. “Do I want everyone to come back to the office five days a week? Of course I would do that Francisco can be,” Breed said.
