by Wolf Richter
Wolf Street
From fake “office shortage” to historic glut in no time.
Oracle, after announcing in December that it would move its Corporate Headquarters from Redwood City in Silicon Valley to its campus in Austin, Texas, and after putting its 17-story office tower in San Jose up for sale, thereby becoming part of the California Techsodus, has now put four of the five floors it leases in San Francisco on the sublease market. The listing was first reported by the San Francisco Business Times. Oracle’s lease on these four floors — 85,622 square feet in total — in the 21-story tower at 475 Sansome Street in the Financial District runs through June 30, 2023. More office space that needs to find occupants was thereby dumped on the already record high San Francisco sublease market.