COVID impact: Will San Francisco’s commercial real estate market go back to normal?
SAN FRANCISCO, Calif. (KRON) – There are signs in San Francisco that the coronavirus pandemic is easing, but what does it take to attract workers back to town and revitalize the commercial real estate market?
Since the pandemic started just over a year ago, the number of workers commuting to San Francisco has decreased.
All counties in the Bay Area enter the red level
Many San Francisco-based companies like Salesforce have stated that their employees can work from home permanently if they choose to.
How many workers will be returning to the city and what does this mean for the downtown commercial real estate market as the number of coronavirus cases in San Francisco continues to fall and restrictions are eased?
“That’s the million dollar question,” said Rodney Fong.
San Francisco is opening indoor restaurants, gyms, and more
Rodney Fong is President and CEO of the San Francisco Chamber of Commerce.
To revive the market, San Francisco must pull employers and workers back by addressing crime and cleanliness issues and working to bring small businesses back to the city’s many empty storefronts.
“We have to step on the gas. These vacant spaces, whether it’s cool little spaces in North Beach, are their creative entrepreneur to start a flower stand. A flower stand would be so inviting in San Francisco. We want to stimulate this type of creativity. Encourage people to open business. Take risks with certain things and give them as many tools as you can to do them, ”said Fong.
This population in San Francisco will be eligible for the vaccine very soon
He also says it’s important to attract visitors back to the city. Before the pandemic, 25.8 million people visited San Francisco each year and pumped huge sums of money into the local economy.
He says the key to getting them back is to deal with the pandemic and accept what makes San Francisco great.
“I think I’m bullish for the long term for San Francisco,” said Fong.
“We need to make sure we focus on the culture, the arts, and all the things that make San Francisco unique, and business will follow suit.