Google has recently renewed its office lease at 215 Fremont St. in San Francisco, but with a smaller footprint as part of the company’s downsizing efforts in the city. According to a report from the San Francisco Chronicle, this news comes amidst record-high office vacancies locally.
The tech giant’s presence at 215 Fremont will now occupy approximately 64,000 square feet compared to their previous lease of 140,000 square feet back in 2019. Additionally, Google will also be exiting One Market Plaza where they currently hold a lease for 300,000 square feet.
Despite reducing their local staff numbers and downsizing operations in San Francisco due to the pandemic, Google still maintains multiple offices within the city but is no longer expanding as aggressively as before. This information was reported by The Chronicle.
In Q2 of this year alone,CBRE and Cushman & Wakefield both reported that office vacancies continued to rise reaching new record highs for San Francisco.However,CBRE noted that leasing volume during Q2 was actually up by40% comparedtoQ1.The latest update on these developments can be found on Connect CRE.
