i look forward to the bubble bursting again in the bay area. those little high tech weenies bug me. and i'm a techie!!! the rumored second round of layoffs at twitter <u+2013> which in 2011 was granted by the befuddled city of san francisco the <u+201c>twitter tax break<u+201d> on employment taxes <u+2013> comes at a very inopportune moment for the glory of commercial real estate. these layoffs would amount to 8% to twitter<u+2019>s workforce, or about 300 people, according to bloomberg.already, twitter has thrown 183,642 square feet of vacant office space at its two-building mid-market headquarters on the sublease market, thus bringing it to 1.51 million square feet (msf).this comes at a time when, according to the <u+201c>snapshot<u+201d> from cushman & wakefield, leasing activity nearly ground to a halt in the third quarter, with only 875,000 sf leased <u+2013> the lowest since 2001!there was only one major lease deal over 100,000 sf: amazon<u+2019>s live streaming video platform twitch, which took 178,000 sf. the next largest deal was less than half that size: wework leased 78,000 sf.leasing activity for the three quarters this year plunged 30% from the same period last year, to just 4.7 msf, according to a report released this week by commercial real estate services firm savills studley, which added dryly, <u+201c>the competition for space has calmed dramatically from several quarters ago.<u+201d>and there is a lot of new supply coming on the market, according to cushman & wakefield: currently, 3.8 msf of office space are under construction, with 31% preleased.overall vacancy rose 0.7 percentage points from the prior quarter to 9.0% in q3, according to savills studley. in class a buildings, availability jumped 1.1 percentage points to 10.4%. some areas were still red-hot, but others are turning cold: in the soma area, there were practically no vacancies (1.0%). but at the other end of the spectrum, vacancies at the financial district south spiked 2.5 percentage points to 12.3%.way more at [ link to wolfstreet.com ] "my mom said the only reason men are alive is for lawn care and vehicle maintenance." 1 previous page
tech<u+201d> malaise pricks san francisco office space bubble
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