Downtown's sky-high vacancy rate for prime commercial real estate raises troubling questions, both about the future of downtown and more importantly, about how we make public policy.
The vacancy rate for downtown's class A buildings — the newest, most desirable office space — stands at 39.8%.First, let's keep two numbers in mind: 27.5% and 39.8%.
The situation is particularly dire in San Francisco, where the central business district now has a vacancy rate of 26.2%. A host of retailers have shuttered their stores and the owner of the city's premier downtown mall, San Francisco Centre, has effectively turned the property over to the banks. The city's hospitality situation is perhaps even more dire.
Lots of debate has swirled around the"doom loop" idea. Many urban analysts say it's far too early to predict the demise of downtowns, and cities and their central areas have shown remarkable resilience over decades.The 39.8% figure I mentioned at the beginning of this story is the current downtown San Antonio office vacancy rate for class A buildings — the newest, most desirable office space.
"Class A [rental] rates in the Downtown submarket [are] jumping from $39.05 to $41.20," JLL noted at the time.
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