For Immediate Release: January 10, 2023
Media Contact: Daniel Herzstein, SF Chamber of Commerce, (415) 305-8478
SAN FRANCISCO CHAMBER OF COMMERCE INVESTS IN DOWNTOWN WITH LAUNCH OF NEW DATA DASHBOARD AND URBAN PLANNING INITIATIVE
Today, the San Francisco Chamber of Commerce launched their Downtown San Francisco Economic Indicators Data Dashboard. This dashboard is open to the public and highlights key indicators of the city’s downtown economy. It is intended for elected officials, new and existing businesses, and media to explore downtown office activity, areas of investment, and sector-specific demands to inform decisions around the recovery of San Francisco.
See the new dashboard here: https://sfchamber.com/resources/data-statistics/.
In partnership with commercial real estate experts from JLL and a consolidation of city data, the San Francisco Chamber of Commerce will provide quarterly updates on office vacancies, return of workers to downtown, business openings, sector-specific hiring demands, and more. The first of this Data DeepDive series was hosted yesterday, where commercial real estate experts from JLL and Kilroy provided analysis of current vacancies and investments in San Francisco’s downtown office real estate market.
Since quarter one of 2019, office vacancy in San Francisco has increased by over 19% for a total of 25.1% commercial office vacancy rate. BART ridership is only 39% recovered compared to its pre-pandemic levels, although there has been a steady increase in its ridership, and a significant increase in Muni ridership, since its lowest drop in the summer of 2020. Traffic across both the Bay Bridge and Golden Gate bridge is back to its pre-pandemic levels.
Comparing estimated employees in office from KASTLE Access Control data with local BART transit ridership results in an almost identical trend. As of December 2022, estimated downtown in-person employees remain just over 41%.
CEO and President of the San Francisco Chamber of Commerce, Rodney Fong says, “It is clear that a key element of downtown recovery lies with our transit systems. We need clean, safe, efficient local transit for employees to feel comfortable to come downtown, for work or leisure.”
Along with areas for the city to improve, the San Francisco Chamber of Commerce’s Data Dashboard also highlights some key successes of our business community. 2022 year-to-date places San Francisco with the highest venture capital funding of all North American markets. Tourism has also picked back up through SFO, which was recently named the best airport in America.
“Today, we all are concerned, frustrated, worried. But San Francisco is improving rapidly, and I am confident with hard work, investment, and concentrated will-power we will rebound. We live in a world-class city – the talent is here in San Francisco, the funding is here in San Francisco,” says CEO and President of the San Francisco Chamber of Commerce, Rodney Fong.
Paired with the launch of their Economic Indicators Data Dashboard, the San Francisco Chamber of Commerce has rebranded their BuildSF initiative to focus on reimagining the downtown core.
BUILDowntownSF is an initiative that consists of urban planners, architects, and general contractors committed to revitalizing the public realm and ensuring a vibrant downtown. Through meetings, tours, and activations throughout the year, BUILDowntownSF identifies and rallies behind projects and sectors that grow the economy, improve the city’s sustainability, and deliver housing and transportation infrastructure that meets the needs of the growing region.
In 2023, The San Francisco Chamber of Commerce’s focus is to collectively restore San Francisco’s economic core and meaningfully evolve into a more unified city, one that is less divisive, even more sustainable, and resilient.
Click here to watch the Data DeepDive event recap