Occupied San Francisco office space tumbled over a decade 

Less office space was occupied in San Francisco at the end of 2009 than a decade earlier, a leading tenant broker found.

On Jan. 1, 2000, 80,252,228 square feet of office space was occupied in The City, according to the latest newsletter by BT Commercial broker Frank Fudem.

By Dec. 31, 2009, occupied space had fallen by 9,320,389 square feet – or 11.6 percent – to 70,931,839 square feet.

“The dot-com bubble had already crested by 2000 and of course the market dropped very substantially with the dot-bust,” Fudem told The Examiner. “One would have thought that over the course of the ensuing decade that we might have recaptured a lot of those lost jobs – and the truth is, we never did.”

A short-term recovery in the office market is unlikely because very few companies are currently hiring, according to Fudem.

“Until there’s meaningful jobs growth, we’ll probably bounce along the bottom,” he said.

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A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
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