Roughly 20 percent of SF offices expected to remain vacant through 2026, per chief economist

One-fifth of offices in San Francisco are expected to remain vacant through at least 2026, but property tax revenue may not see a large reduction in the immediate future, according to a report issued this week by the city’s chief economist.

In a response to a July letter of inquiry from Supervisor Catherine Stefani about the state of the city’s downtown commercial properties, Chief Economist Ted Egan noted that the COVID-19 pandemic and the resulting increase in employees working remotely have increased office vacancy in the city from roughly 5 percent pre-pandemic to 24 percent in the third quarter of 2022.