Westfield Goes Mixed-Use with Office Space in San Francisco

The San Francisco Planning Commission has granted mall-owner Westfield approvals for transitioning two floors of the financial district’s San Francisco Centre to office space. Plans call for converting the top two floors of the current Nordstrom’s anchor location to the new use, planting an onsite consumer population while the bespoke retailer continues to occupy three floors of its current five.

The re-positioning delivers a significant block of what is expected to be Class A office space in one of the nation’s most desirable and supply-constrained markets.

According to the most recent report from the local office of brokerage firm Avison Young, financial district vacancies hover between 2.4% and 3.4%, with all new construction currently 100% spoken for. The 3Q 2019 report notes that as San Francisco’s booming economy shows no end in sight, the demand tech companies will place on premium spaces will outpace the limited supply.

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