What’s behind the exodus? Hybrid and fully remote companies may be partly to blame.
“A big component for sure is that people are remote working and not coming into those offices as much,” John Zolidis, president of Quo Vadis Capital, told Yahoo Finance. “That’s got to be one of the driving forces — just less traffic from office workers.”
Per foot traffic analytics platform Placer.ai, San Francisco has the lowest number of visits to offices of any major US city. In August 2023, office visits were down 52.7% compared to August 2019, before the pandemic disrupted workplaces.
So what’s the future of SF then? I keep saying I know more and more people who work for SF startups and don’t live in CA. They are 100% remote. The HQ is SF, but the employees are all over the country. If there are successful exits, a lot of the money will be outside the Bay Area.
It’s interesting that San Jose and the South Bay aren’t having the same issue as SF. Maybe the Bay Area stays strong but San Jose becomes the center. When Detroit started to decline, the suburbs actually prospered.
Perhaps not to the degree of SF, but there is a homeless problem in San Jose and yes empty office buildings in downtown San Jose or office parks in general in SV.
Just saying it a million times doesn’t make it happen ok???
Case in point, on the Niner game, they finally showed some non SF scenery… but come on, what can you honestly show from Santa Clara proper that would make people want to jump on a plane to see for themselves? Not much…
See, another example that proves my point. If South Bay were so great, why the F are you in SF doing conferences and stuff? That’s right, because you know that despite the current environment there is a real chance that AI wiill bring back the Fab 7x7!!!
“Dark Angel.”
A 90’s/early 2000’s thing. She was also a shrewd businesswomen. Conceived a line of home care products and sold the company a few short years later for nearly a billion as I recall.
I was opportunistic, hardly said similar.
