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Airbnb is giving up a 150K office in San Francisco’s SoMa district in yet another blow to San Francisco’s struggling office market.
The move is not wholly surprising, as the company noted earlier this year it planned to shift to a fully remote work model, but is still a knock to the city’s office vacancy rates.
The 999 Brannan St. location, owned by Dolby Laboratories, will be available on a sublease basis until June 2026, according to the San Francisco Business Times.
However, Airbnb will continue to lease its 280K SF headquarters at 888 Brannan St. for the near future, though the lease on that location will expire in 2023, according to the San Francisco Business Times.
Meanwhile, office vacancy within the city continues to rise. Transwestern noted in its Q3 report for this year that office vacancy has risen to 22.2%, however, there are some signs of life.
The report also noted Kastle Systems data as of Sept. 16 showed a 40.7% average of workers returning to the office, as compared to pre-pandemic levels, hitting a pandemic high.
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