San Francisco Has Nation’s Highest Office Vacancy Rate

A new report from Commercial Edge finds that San Francisco, California has the highest office vacancy rate in the nation. 

San Francisco’s vacancy rate hit a record 28.8% in December. The cause was declining demand. That's something that is taking place all over the U.S. due to shifts in the economy and the expansion of remote work.

According to Commercial Edge, the national vacancy rate hit 19.8% at the end of 2024, representing a 150-basis-point increase from the previous year.

“Office vacancies continued to rise in 2024, with six of the top 25 office markets recording year-over-year surges of over 500 basis points.”

Read the full report here.