(Bloomberg) -- Uber Technologies Inc. plans to give up about a third of the space at its San Francisco headquarters, adding to a wave of technology companies downsizing in the city.
The ride-hailing company is in the “early stages” of subleasing almost 269,000 square feet (24,990 square meters) at its home in the Mission Bay neighborhood, according to a statement. Uber said it doesn't currently occupy the space, which is part of a cluster of four buildings making up the company's headquarters.
“This will not change our footprint in the city or impact space available for employees,” the company said. “We remain committed to our hybrid work approach, which emphasizes in-person collaboration, and continue to welcome employees to our Mission Bay campus.”
The move will add to an office glut in San Francisco, which has been battered by remote work and a downturn in the tech industry that fuels the local economy. Employers including Salesforce Inc., Meta Platforms Inc. and Uber rival Lyft Inc. have looked to unload space in the city. Its office-vacancy rate increased to a record 29.4% in the first quarter, among the worst the country, according to data from CBRE Group Inc.
Read more: Bank Turmoil Collides With Tech Slump in Battered San Francisco
Uber's subleasing plans were reported earlier by CoStar News. Representatives of Alexandria Real Estate Equities Inc., the owner of the headquarters, declined to comment.
--With assistance from John Gittelsohn.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
