Asana Expands Office Footprint In SoMa, Taking 71K SF In Struggling Market
Workflow management software company Asana’s 71K SF sublease in San Francisco’s SoMa district offers a ray of sunlight after several months of bad news for the city’s office market.
Asana signed on to take space at 680 Folsom St., a Boston Properties-owned building across from the Asana headquarters at 633 Folsom St.
Macy’s.com previously occupied the space, but vacated it in 2020, according to the San Francisco Business Times. Asana's sublease in the 524K SF building will run through 2028.
The Asana sublease also brings the building to near 100% occupancy, according to The Real Deal. Life sciences company Benchling recently occupied 106K SF in the building, according to a Boston Properties' Securities and Exchange Commission filing.
San Francisco’s office market has reeled from widespread and increasing vacancy rates since 2020, with several big-name tech companies choosing to vacate their spaces in favor of remote work or office space in less expensive cities.
Most notably, Salesforce announced that it would vacate 350K SF at its 50 Fremont St. location, leaving 40% of the building up for grabs.