Chilling Thing Twitter Said about San Francisco’s Office Bubble
Twitter is shaking up San Francisco. It’s the city’s 10th largest employer, and second largest tech employer, after Salesforce. But it hasn’t yet figured out, despite a decade of trying, how to make money. Last October, it announced that it would lay off 8% of its workforce. A couple of weeks ago, it reported a second-quarter net loss of $107 million along with disappointing user metrics and lousy projections. Its shares have lost 74% since their miracle-IPO-hype peak at the end of December 2014.
And now Twitter is dumping nearly one third of its total office space on the San Francisco sublease market.
It leases a number of floors in the two buildings at Market Square. The four floors it put on the sublease market total 183,642 square feet of “fully furnished” office space with workstations for 1,416 employees, according to a marketing brochure by corporate real estate firm CRESA.
It’s the largest sublease space now available in San Francisco… (more)
This is old news from August 8, but, there are still people who insist we need to build more office space, or rather that we need to “allow” more office space so they can build it whenever they want. That is why we have Prop O on the ballot. Lannar wants the voters to allow them to build more than the allowable limit on their property at Candlestick and Hunter’s Point. We haven’t given them enough yet. Proposition O: Candlestick Point/Hunters Point office development