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In a win for San Francisco’s office market, Wells Fargo is renewing its lease at 333 Market St., keeping its 620K SF for another decade, the San Francisco Business Times reports.
Wells Fargo earlier this year exited its space at 45 Fremont St., while making plans to sell its current space at 550 California St. But it is not leaving the city entirely.
"We are committed to our San Francisco-based employees. We will continue to have a major employee presence in San Francisco, but we have more real estate than we need to support these employees. San Francisco remains the location of our company’s headquarters," Wells Fargo told the SFBT.
Vacancy rates in the San Francisco office market continue to fluctuate amid a number of high-profile departures, with companies increasingly giving up large swaths of space in an effort to cut costs.
Cushman & Wakefield’s Q1 Market Beats report put office vacancy at 21.7%, though it notes that it has been trending up slightly.
Robert Sammons, Cushman & Wakefield’s senior director for Bay Area research, says the financial sector has had a consistent presence in the city's office market.
“Financial services have certainly driven a good bit of the comeback in New York, and even here. They are much more of the feeling we need our people in the office. So that’s driven a big part of it. But we aren’t as big of a financial services market as other places, but they’ve been active in the market, no doubt about it, and again, looking at that top-tier space to move their team members into,” he told Bisnow in an interview this week.
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