Logically, we can see how closed offices, with no one working in them, correlates to people, once employed there, now out of work. And in fact, SF Gate reported that in December, the jobless rate for California was 12.4%, a number that is less than the actual rate, since “December’s figure would have been even higher had not 107,000 Californians quit looking for work {in November} and thus fallen out of the calculations.”
Ironically, this turn of events is also a blessing for those who want to rent office space. As Fudem points out, “The market is truly terrible… for landlords. However…..Present conditions provide a once-a-decade opportunity to lock in extraordinarily favorable terms.” And with so many San Franciscans eager for jobs, those business owners should find no problem staffing their new spaces.
Of course, the city also has a reputation for imposing formidable red tape for businesses, including enforced health insurance, taxes, multiple permits, and fees aplenty. Perhaps then another benefit of so much vacant commercial space: San Francisco rethinks that red tape, or at least finds a way to help new business– and new employers– take advantage of the empty spaces opening up all over the city.
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Tags: Office, Office Space
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