Pinterest abandoning a San Francisco project doesn't start a trend - Business Insider

It's still unclear how the coronavirus crisis will affect the commercial real estate market in San Francisco, experts say.Pinterest's recent decision to abandon a massive new office project isn't necessarily a bad sign for San Francisco that the tech industry is going to leave.

And there are good reasons to think that demand from tech companies and others will return as soon as the pandemic passes, they said. Among them: there remains a huge number of highly trained tech and biotech workers in the area. But San Francisco and the surrounding region was the first in the nation to shut down to try to prevent the spread of the new coronavirus. Unlike other areas of the country, it's remained largely locked down since.Area businesses, particularly in the tech industry, were early adopters of work-from-home policies. Many have announced delays in reopening their offices and extended their support for remote work well into next year.

Additionally, the number of new leases that companies are signing has fallen off a cliff. In the Bay Area as a whole, leasing activity was down 75% in the second quarter compared with the same period a year ago, according to CBRE's data. By comparison, leasing activity nationwide was down 44%. It's still unclear how things will shake out. Companies have taken this time to evaluate their office space needs, Yasukochi said. But they likely won't make any decisions until they reopen their offices and see who shows up, he said.

'The fact is — our advantage more than any other is — we do have that dense talent pool in the area, no matter how this shakes out.' RSammonsRE CushWake

'the increase in vacancies and expected downturn in prices could end up being a good thing for the local economy. Many startups and even well-financed companies were finding it increasingly difficult to find or afford space in the area.' troywolv

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