Ballpark Party Scenes

More Scenes from BOMA at the BALLPARK

Top left: Guests competed in a lively dance contest. Middle left: Cortney Shadel, Longfellow, Michaela Morgan, Metro Services; and Jill Machi, Jamestown Urban Management. Lower left: Marc Intermaggio, former BOMA SF EVP; and Tory Brubaker, BOMA SF, get into the spirit of the event. Top right: Maurice Calles, Ideal; Rose Garrison, Dunn-Edwards Paints; and Sanjoli Joshi, DunnEdwards Paints. Lower right: Tiffany Yeh, Kilroy Realty; Marco McCarthy, Cushman & Wakefield; and Luz Zepeda Alvarez, Mobilite.

233 Sansome Street, 8th Floor San Francisco, CA 94104-2134

415.362.8567 www.bomasf.org

Printed on recycled paper.

The Last Word

by BOMA SF CEO John Bryant

The Great Return

As COVID restrictions throughout the state are lifted, San Francisco is seeing a rise in the number of office workers coming into the City, sparking hope and optimism that a return to downtown is slowly starting to take shape. For the past two COVID-dominated years, office occupancy suffered sharply, averaging less than 15% in San Francisco. However, the trend was nationwide, affecting all major markets and cities. The difference now is the rate at which people are returning and where. While increased, office occupancy in San Francisco now hovers around 35%. Other cities, including Houston and Dallas (51% and 55% respectively), are leading the way. For a broader perspective, the national occupancy average is at 43%. San Francisco more closely aligns with San Jose, New York, and Philadelphia, which are all in a similar range.

Earlier in the pandemic, it was assumed that a return to the office was inevitable and right around the corner (multiple times). Now there is a different calculus. With the actual COVID threat waning, it is becoming more apparent that multiple factors are equally contributing to the occupancy equation.

A survey of our membership shows that crime and safety are among their biggest concerns, followed by commuting costs and time spent in (or out) of traffic. However, members will also tell you that they miss working alongside their co-workers, and that collaboration, team-building, and supporting one another in an office environment are equally missed. While working from home has its benefits, it is also harder to separate work/ home responsibilities from each other.

Hybrid work models are continuing to solidify, and employees are in a strong position to bargain for flexibility. National unemployment is at an all time low at 3.6%, and the Bay Area is faring even better at 2.5%. For the immediate future, this will put further pressure on companies looking to hire top talent. Yet the allure of San Francisco is far from gone. There are still many reasons to be bullish on San Francisco. I believe we will see a strong increase in downtown occupancy and that the great return is already underway, albeit at a slow pace. BOMA is working with business and city leaders to develop ideas that will keep San Francisco both a destination and a desirable place to work. To accelerate the return, we have many exciting activities planned in the coming months, including a DEI Scavenger Hunt, a DEI BOMA Eats World event and our annual golf tournament. For a list of upcoming networking and educational events, visit our website (www.bomasf.org). If you haven’t made it into the City in a while, I strongly encourage you to do so. You might be surprised with how much vibrancy has already made its way back!