Google has renewed its office lease at 215 Fremont St. in San Francisco, but will occupy less space as the company continues downsizing in the city, reported the San Francisco Chronicle. The news comes as office vacancies locally have reached all-time highs.
The Google renewal at 215 Fremont shrinks the tech giant’s footprint there to about 64,000 square feet, down from 140,000 square feet it leased in 2019, the Chronicle reported. Google is also exiting One Market Plaza, where it leases 300,000 square feet.
Even with cuts in local staffing, Google still leases numerous offices in San Francisco, but is no longer gobbling up space as it did before the pandemic, according to the Chronicle.
San Francisco’s office vacancies continued rising in the second quarter to new record highs, according to both CBRE and Cushman & Wakefield. However, CBRE reported that Q2 leasing volume was 40% higher than in Q1.