Here's what we know - the Bay Area's slow economic recovery is a surprise to no one. But, economists are optimistic that the worst is behind us, and the tech capital of the world is still the best investment.
, we know the Bay Area has not fared well. When we study the overall economic outlook, one thing is certain: the pandemic brought permanent changes and there is no going back.The San Francisco metro area which includes the East Bay, Peninsula and some of the North Bay, ranked 24th out of 25 similar regions.
"I think most people were unsurprised, if anything maybe surprised that they didn't rank last, so maybe that's a little bright spot," expressed Abby Raisz, research manager for the Bay Area Council Economic Institute.Only the Baltimore region fared worse. Five times as many people in the entire Bay Area, worked from home from 2019 to 2021. As a result, San Francisco alone has seen more than a 24% increase in office vacancy.
"Remote work it will stay with us, but we don't necessarily think we should be talking about 25% vacancy rates for the next decade," anticipated Jeff Bellisario, executive director of the Bay Area Council.The haves and have-nots, the stark disparity of inflation in the Bay Area "We took a gamble on investing so much in the tech industry and that industry, when a shift to remote occurs once in a life-time pandemic, it's really hard to bounce back form that," added Raisz.It's no secret that much of the Bay Area's recovery will rely on the rebirth of downtown San Francisco.
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