How does this compare to 2001 when the dot-com neutron bomb his SF? Lots of empty real estate and huge construction projects continuing or starting (due to low interest rates and long lead times)?
Tech was not an existentially-huge fraction of SF's economy back then.
The peninsula, where it always has been, got hammered.
At the time I was commuting from SF to the mid-peninsula. I recall meeting with one of my clients in a field-house sized cubicle farm which must've had at least 300 desks, probably more. We were the only two people in there in the middle of the day on a weekday.
Suburban office space gets spooky during recessions, due to its sheer bigness...
In 2003 SF office vacancy rate exceeded 20% with 17 million square feet available. This 12 million is smaller in absolute and relative terms (about 14%).
