Meanwhile, downtown, office space is still an even more scarce and hot commodity in the city than housing. According to an annual survey of city high-rises released by the consulting firm JLL last week, the city’s soaring spires demand nearly $75 per foot in rents, an increase of 15 percent over last year.
But that’s chickenfeed compared to what’s to come: If you factor in buildings that are not yet complete but already offering terms, it jumps to $100 per foot. Yes, the properties that don’t even exist yet are the city’s most valuable commodities. If that’s not enough to tip you into an existential crisis, nothing is.
Other than the general attractiveness of doing business in San Francisco (and the wow factor of high-rise views in a city of hills and bays), the most likely culprit behind the steeply escalating prices in our most steeply escalating buildings is scarcity. The city’s vacancy rate for offices is only 9.6 percent, and it’s not like there’s a vast plain of undeveloped territory where we can build more.
If you’re scrabbling around for some empty space (or are just naturally curious), here are the ten towers with the highest volume of vacancies. Just don’t expect them to come cheap.
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Map: 10 San Francisco high-rises that actually have vacancies
For now.
100 First Plaza
This SOM building dates to 1988, with its signature 19-foot spire and distinctive clockwork-style exterior (partly a result of all of its setbacks). Though nearly 93 percent occupied, it does still have over 32,000 feet of space looking for a taker.
One Califorinia Street
The big, boxy building with the bank logo on top is hardly an exciting addition to the city skyline, but it has some surprising historic significance, being one of the oldest true skyscrapers in the city at 47 years old this year. It's 93.1 percent occupied, which means it has over 33,000 feet open.
Embarcadero Three and Four
Buildings one and two are apparently the cool kids on the block, with their similarly staggered brother structures finding themselves a bit on the empty side, with 52,000 (number four) and over 64,000 (number three) feet of spaces hosting dust bunnies. Even the shorter, emptier building three is still 91 percent occupied, though.
275 Battery Street
This tower from Embarcadero Center architect John C Portman has been sporting its jaunty crenelated top since 1989. Portman just couldn't get enough of step-shaped silhouettes. It's a bit under-occupied at 87.5 percent, leaving over 59,000 feet up for grabs.
Market Center
The taller and younger of the ponderous pairing on Market Street that some in the city may still refer to as the Chevron Towers. Though not terribly exciting to look at, the terra-cotta tiles on its facade liven it up a bit. Shorter, older brother 555 Market is doing okay for itself, but the big one is operating at only 85.5 percent capacity, with 67,000 feet available.
Providian Building
SmithGroup credits a recent redesign of the lobby for revitalizing the fortunes of this deceptively weird 1981 SoMa tower. That may be true, but it's still got over 83,000 feet open, for an occupancy rate of 83.1 percent. Maybe the lobby still needs time to work the rest of its mojo.
First Market Tower
(It's the sunny one in the middle.) According to the SF Business Times, this circa 1973 building was the second largest building in the city by square feet back when it was finished. It's got over a million feet altogether, with an average floor plate of over 27,000. Presumably, this is why it's still got 133,000 feet to spare. Who even notices, at that point?
101 California
Yes, the giant glass buzzsaw is looking for tenants too, enough to fill up 133,000 extra feet it has lying around. Designer Phillip Johnson thought that the triangular base and cylinder shape would juxtapose nicely when he put this one together in 1983.
1 Montgomery
The 38 story tower is frankly upstaged by the much shorter galleria mall and column bedecked Wells Fargo bank that are all technically part of the same complex with it, but it does have a few decorative touches that make up a little for its boring rectangularity. It's less than 79 percent occupied right now, leaving a rather roomy 142,000-plus feet for the taking.
Hartford Building
Once upon a time, this was California's tallest building, at 34 stories. Times have changed since 1964, but this SOM designed tower endures, albeit at only 60 percent capacity right now, leaving a honking 172,000-plus feet of historic space to the breeze.