Airbnb will sublease 150K SF Office in SF

Airbnb’s Brian Chesky with 999 Brannan St (Airbnb, Loopnet, Getty)

Airbnb has posted the ultimate colocation with a sublease of a 150,000 square foot office building it occupies in San Francisco.

The short-term rental company has sublet the three-story office building at 999 Brannan St. south of Market, the San Francisco Business Times reported. The sublet would run until June 2026.

Airbnb has occupied the building, owned and previously occupied by Dolby Laboratories, for six years.

The move comes a few days after putting a A 301,000 square foot office complex under lease in Santa Clara.

The listings are the latest step for the tech company to downsize its San Francisco campus in the age of remote working.

Last spring, Airbnb CEO Brian Chesky announced a fully remote workplaceclaiming that company employees will have the freedom to live and work wherever they choose.

“We’ve changed our office footprint to reflect our approach of allowing employees to live and work anywhere, but San Francisco remains our home and 888 Brannan will continue to serve as our global headquarters,” a doorman said. -speak to the Business Times in an email.

The company still leases a 280,000 square foot headquarters at 888 Brannan St., a block north of its new sublease. Unidentified sources told the Business Times that its headquarters lease expires next year.

Airbnb said in a second-quarter letter to shareholders that its restructuring charges included $89 million for rental assets related to office space deemed more necessary due to its “Live and Work Anywhere” policy.

The company said its global restructuring plan included a “25% reduction in the number of full-time employees, or approximately 1,800 employees, as well as a reduction in casual labor and changes to certain trade agreements,” according to a regulatory filing.

Airbnb has dumped four of the five offices it once occupied in the Showplace Square area of ​​SoMa.

Last May, he listed 290,000 square feet at 650 Townsend St., which once served as the headquarters of game maker Zynga. In June 2020, the company also subleased 78,565 square feet at 650 Seventh St. and 61,455 square feet at 808 Brannan St.

The office vacancy rate in San Francisco was 22.4% in the second quarter. The city’s overall sublease availability has been around 8 million square feet over the past year after peaking at nearly 10 million square feet in early 2021, according to Colliers.

Dana Barthelemy

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