, and preceded downsizing efforts by other San Francisco tech companies that are now increasinglyPinterest said at the time that it was leaning toward a more distributed workforce and that it would maintain its existing leases while remaining an"active member of the local community."In a recent filing with the U.S.
between 35% to 50% in certain downtown areas as part of a worst-case scenario that assumes current market conditions continue and office tenants decline to renew existing leases or sign new ones. In that scenario, nearly 43% of the office space in SoMa could sit vacant by 2024. While demand for space has dropped dramatically in recent years, there have been big lease deals that were completed since the start of the pandemic. I reported last month that apparel giant Levi Strauss & Co. renewed its lease foralong the Embarcadero following 18 months of negotiations with its landlord over the rental rate.
The deal ranks as the second-largest lease renewal in San Francisco since the start of the pandemic, after Wells Fargo's deal to
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