San Francisco's downtown retail vacancy crisis (2020-2023)
The pandemic emptied downtown San Francisco offices, and remote work kept them empty. Retail vacancies followed as foot traffic collapsed. Storefronts sat dark for years, and the city's downtown became a symbol of urban decline.
Landlords slashed rents and offered concessions to attract any tenants.
The crisis created the conditions for Vacant to Vibrant, which gave landlords a low-risk way to fill spaces with pop-ups.
Vacant to Vibrant is a direct response to this vacancy crisis. The program's success depends on landlords like BXP continuing to prioritize activation over immediate revenue.
