There is no demand in SF. The whole commercial real estate sector is in a downward doomsday spiral, something that was easily predictable and preventable, but the city didn’t care.
30% of office space is vacant (not rented), a number that will only go up because the other 70% may be rented, but a lot of it isn’t actively utilized.
https://www.nbcbayarea.com/news/local/san-francisco-office-v...
In fact a lot of commercial real estate owners are realizing this and trying to minimize losses. Some selling entire buildings at 75% discounts.
https://www.sfchronicle.com/sf/article/this-downtown-s-f-bui...
Anyone still holding a real estate lease at the ridiculous historical prices right now is only going to try and shed them even if they actually are using the space.