Downtown San Francisco Leasing Timeline: Major Moves at 405 Howard St

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What is 405 Howard Street in San Francisco?
405 Howard Street is a 10-story Class A commercial office building located in San Francisco's Transbay District within the South of Market (SoMa) submarket. It is part of the Foundry Square development and serves as the long-term San Francisco headquarters for accounting and consulting firm PwC.

Why did PwC renew its lease early at 405 Howard Street?
PwC recommitted early to secure its corporate hub against growing competition for Class A contiguous office space. With leading artificial intelligence companies rapidly leasing premium properties nearby, traditional corporate tenants faced the real risk of losing prime real estate if they waited until lease expiration.

Is San Francisco's downtown office vacancy rate improving?
The market is sharply bifurcated. While total municipal vacancy remains high due to struggling Class B and C inventory, modern Class A spaces in the Transbay and South of Market submarkets are experiencing tightening supply and renewed leasing competition driven by tech and AI industry expansion.