Posted Jul 21, 2026, 4:45 PM
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你的媽媽
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Join Date: Jan 2012
Location: The Bay
Posts: 11,650
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An update on current office conditions.
Quote:
This tech company abandoned its S.F. headquarters. Now it’s taking over an entire office building
By Laura Waxmann, Staff Writer July 21, 2026
For years, San Francisco’s office landlords watched tech tenants shrink their footprints, embrace remote work and walk away from long-term leases. Now, one of the companies that once embodied that shift is betting in the opposite direction: Brex, which abandoned its traditional headquarters model during the pandemic, is taking an entire office building off the market for the next decade.
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According to real estate firm CBRE, San Francisco recorded its seventh consecutive quarter of positive net absorption in the second quarter of 2026, meaning that more square feet of occupancy were gained than lost during the quarter. The brokerage reported this month that vacancy in downtown has dropped from a high of nearly 37% in the third quarter of 2024 to 29.2% in the first half of this year. Expanding AI startups contributed nearly 1 million square feet of net absorption in the second quarter, while leasing activity totaled nearly 3 million square feet. Demand from tenants in the market for office space “surged” to a record high of 8.9 million square feet, the firm reported, with “40% of this total expected to be for expansion space.”
The recovery, however, has concentrated in certain parts of the market, and in certain buildings: AI companies have driven much of the recent leasing activity in neighborhoods like Mission Bay and China Basin, which recorded the lowest office vacancy of any submarket at 17%, while the Yerba Buena area recorded the highest vacancy at 62.7%, per CBRE. Class A buildings — modern properties in prime locations with views — accounted for 77% of leasing activity in the second quarter, with companies gravitating toward newer or upgraded offices with amenities and access to transit. Brex’s office in a relatively modern, 2016-era creative office building in the South Beach neighborhood, which is located just north of Mission Bay where AI pioneer OpenAI has laid roots, appears to largely fit the bill.
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https://www.sfchronicle.com/realestate/article/brex-san-francisco-building-22345480.php
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