How’s it going in San Francisco? Another large firm plans to leave the city

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In July 2022 San Francisco Mayor appointed Brooke Jenkins as District Attorney. She promised at that time to “fight the city’s lawlessness.”

Apparently she’s not fighting hard enough to keep KPMG (accounting firm renting 100,000 square feet) in downtown San Francisco.

From Daily Mail:

KPMG moving out of $400million ‘KPMG building’ in downtown San Francisco with nearby besieged mall loses another tenant as doom loop continues

“Accounting firm KPMG is set to move out of its $400 million namesake building, another high-profile exit from San Francisco’s beleaguered downtown.

The consulting and accounting giant first leased space in the 25-story office tower when the building opened in 2002.  Its name hangs above the entry to the skyscraper where the company currently occupies more than 100,000 square feet. It comes as shoe store Alto prepares to exit San Francisco Centre, the city’s biggest mall, next week.

Businesses and residents have fled downtown San Francisco since the pandemic with groups blaming crimehomelessness and work-from-home keeping people from downtown. 

Nearly 100 retailers in downtown San Francisco have closed since the start of the pandemic, a decline of more than 50 percent, according to a recent report. 

KPMG, a large accounting and financial firm, originally took 90,000 square feet at 55 Second St. in a 10-year contract, marking the second-largest office deal of 2003. It has since grown its footprint to span nearly one-third of the 380,000-square-foot building, leading to it being widely known as ‘The KPMG Building’.

The company is now considering ending its two-decade-long relationship with the building, according to the San Francisco Chronicle. It’s the latest tenant looking to exit the downtown area. 

Now, another business is set to leave the area’s largest shopping center as Aldo moves its store from the San Francisco Centre. The mall lost Adidas last Saturday, as well as other recent losses including Hollister, Lego and J. Crew.”

Read the whole story here.

DA Brooke Jenkins isn’t trying hard enough to fight the “lawlessness” when the statistics from her first full year (2023) indicate that less than 50% of those arrested had cases filed against them and the “filing rate” and “action taken” rate are both declining.

With statistics like that, I guess San Francisco can expect more businesses to leave.

DCG

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Calgirl
Calgirl
1 month ago

San Fran is not the only CA “loser.” There are whole malls, let alone businesses small & large, all over LA, Orange, San Diego, Riverside, & San Barnardino counties in CA that have closed to never reopen. Malls are being “repurposed” as pickle ball courts, walking & wellness paths, & so on….or are just sitting as abandoned, forlorn, targets of gangs, drug traffickers, or the homeless. Actually, I hope some might be repurposed for luxury apartments w/indoor courts/gardens/ restaurants/urgent cares/exercise and spa areas/fresh markets…..this would even be a better idea in more northerly climes. I haven’t been to a mall or even a big box store or similar big-retail store since way before the pandemic. I’m not about to start going now that they are daily targets for BLM & otherwise-influenced criminal marauders supported by our governments in the name of “equity & retribution.” Same with going “downtown,” the only reason I’ve had to go there in years is to report to jury duty to avoid legal punishment by my governments if I don’t show up.
Stark contrast if you know what I mean.

Brian Heinz
Brian Heinz
1 month ago

Will continue till the rule of law is put back in place and not thinking that is going to happen any time soon.Sad…