One Market Plaza, located at the eastern terminus of Market Street and next to the Embarcadero BART Station, is one of the biggest office properties in the city with 1.6 million square feet of offices across two towers - 200,000 square feet larger than Salesforce Tower. Software company Autodesk listed 73,000 square feet for sublease there in January, citing the rise of flexible work schedules, San Francisco Business Times reported. Visa’s sublease listing is one of the largest in the city, and not the first one at One Market Plaza. Though the five-floor sublease listing wasn’t fueled by cost-cutting or remote work, and Visa will ultimately occupy more space, its move still adds another significant hole in downtown to San Francisco’s office vacancy crisis - which hit a record high 29.4% at the end of March, according to real estate brokerage CBRE.Įmpty office buildings could slam the city’s budget, with estimated property tax losses of nearly $200 million per year by 2028 in a worst-case scenario projected by city officials.
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