On June 24, 2021 the Office of the Controller and the Office of Economic Analysis of the City & County of San Francisco released a status report on the re-opening of the San Francisco economy. Here are some key excerpts from the report:
More than 45% of small businesses in SF remained closed (Source: Womply, Opportunity Insights)
The 5-county San Francisco metro area continues to lag comparable metro areas in office attendance, with a weekly office attendance rate below 20% (Source: Kastle Systems)
As of Q1 2021, the commercial office vacancy rate remains very high at over 16%, The pre-pandemic average was below 6%. (Source: Jones Lang LaSalle) • At about 35%, the hotel occupancy rate, though recovering, remains well below the pre-pandemic average, which as close to 80% (Source: STR)
Employment in the San Francisco Metro Division is recovering slowly. Total employment is still down 10% from its pre-pandemic level. The unemployment rate has declined from over 12% at the start of the pandemic, to 5.1% in May of this year. The pre-pandemic rate was just over 2% (Source: CA Employment Development Department)
Evening freeway speeds in downtown have dropped, indicating the return of traffic congestion. However, BART ridership to downtown San Francisco stations was 12% of normal in May. (Sources: San Francisco County Transportation Authority, BART)
Travel at SF International Airport, though recovering, is still almost 70% down from 2019 (Source: San Francisco International Airport)
There are clear signs of recovery in apartment rents in San Francisco – however, average asking rents remain approximately 19% below pre-pandemic rates (Source: ApartmentList)
The number of building permits for new housing are well below 2019 levels (Source: HUD). Lead authors on this report include Ted Egan, Ph.D, Chief Economist, and Asim Khan, Ph.D, Senior Economist. The full June 2021 status report can be downloaded @ https://openbook.sfgov.org/webreports/details3.aspx?id+2964
All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by San Francisco Examiner.
All information should be independently reviewed and verified for accuracy.
Properties may or may not be listed by the office/agent presenting the information.