Concern about a commercial real estate crisis in cities like San Francisco is spiking, but brokers say the real impact of remote work and low office occupancy won’t be clear for months.
Brookfield spokeswoman Kerrie McHugh Hayes said in a statement that there is still demand for the landlord’s top-tier office space. “While the pandemic has posed challenges to traditional office in certain U.S. markets, this represents a very small percentage of our portfolio,” she said.
Comcast said it is subleasing the building in Philadelphia to bring employees together in a Comcast-owned space. The company relies on in-person collaboration, added spokesman John Demming said. Vornado and the Trump Organization’s loan servicer, Midland Loan Services, declined to comment. The Trump Organization did not respond to requests for comment.
But now, “it’s a damn ghost town,” said Leamy, who shines shoes on the ground-level concourse of 555 California Street.
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