In a webinar hosted by Placer.ai on the impact of remote work on urban centers

 

In a webinar hosted by Placer.ai on the impact of remote work on urban centers, San Francisco's Chief Economist, Ted Egan, said the pandemic has permanently changed how workers utilize office spaces.  Referring to the recent office transactions in the city for significantly lower values, he said it would lead to flexibility in pricing for new tenants and an opportunity for space updates.  According to Egan, the pandemic has caused permanent changes in office work and a long-term impact on property values.  He believes attracting new tenants at attractive prices would help refill offices Downtown.  Compared to 2020, foot traffic in the city's Financial District has dropped 43%, impacting the restaurant sector. However, the sector has shown signs of slow recovery recently. To revive the city's economy, he recommends attracting commuters to Downtown by making it more appealing and safe for residents, tourists, and office workers.