The End Of The Office Space Bubble
from the pop dept
We’ve had a few stories about the office space situation in San Francisco, but here is a good detailed look at how the office space bubble has popped. During the whole dot com bubble, it was next to impossible to find any office space. What you did find was ridiculously priced – but dot coms with millions in venture capital paid without thinking twice. They also signed insane deals that required them to keep the lease for many years and pay a year or two upfront just to get the space. Now all the collapsing companies are trying to break their leases and get out of deals. Lots of office space is vacant, and plenty of places that were being constructed or renovated is sitting empty. It’s been an amazing turnaround in a single year.
