JPMorgan to Expand Office Space in Downtown San Francisco

Epoch Times

23-04-2025

JP Morgan is overhauling and expanding its downtown San Francisco offices after committing to play a role in revitalizing the city's downtown economy, which has suffered in recent years.
The bank announced in a statement on Monday that it will renovate and expand its offices, located at 560 Mission Street and One Front Street, the latter of which had a lease set to expire in June.
The renovated Mission Street office, which is to be renamed JPMorganChase Center in place of the old JPMorgan Chase Building, will be increased to 280,000 square feet and become the local headquarters for the firm and function as the office for more than 1,600 employees.
The additions represent an overall 65,000 square feet increase. The firm states as its goal to make the offices cutting-edge workplaces for both employees and clients, and will include prayer and maternity rooms, as well as a pantry and collaborative workspaces, state-of-the-art technology, and high-end furniture. JPMorganChase has almost 7,000 employees in the Bay Area, according to the firm's statement.
'San Francisco is a key growth market for JPMorganChase and we have been hard at work with local leaders, partners, and clients to understand how we can best deploy our resources and expertise to power continued economic growth across the city,' said Tim Berry, global head of corporate responsibility for JPMorganChase.
Berry also said the firm is working with local stakeholders to revitalize San Francisco's downtown.
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The bank devoted $3.8 million, at least some of which in the form of loan capital and technical assistance, to support the city through its support of the Bay's downtown economy, small businesses, and efforts to attract residents and visitors back to the downtown area.
'Through our business and philanthropy investments, we are creating over $1.2 billion in economic growth for San Francisco to boost the downtown economy, support local businesses, create jobs, and bring workers, residents and visitors back to the city,' Berry said.
San Francisco Mayor Daniel Lurie said JPMorganChase's commitment signals that the city is bouncing back after a period of stagnation that included crime and a homelessness crisis in the downtown area.
'By renaming and renovating 560 Mission as the JPMorganChase Center, they're making a clear bet on our city's future,' Lurie said. 'My administration is focused on creating the conditions for growth downtown—through safer, cleaner streets and reforms to make permitting faster. The message is getting out, and San Francisco is on the rise.'
The firm's office first opened in 2002 and includes a fitness center, cafe, as well as a dining area for building tenants.
The company is partnered with other companies, like Downtown Volunteer Coalition, with a goal of revitalizing the downtown area. JPMorgan positions its revitalization as part of a San Francisco-wide effort to bring downtown San Francisco back from a period of stagnation.
The multinational firm cites a study by Vista Site Selection which demonstrated that JPMorganChase's employees and business in the Bay Area are worth $1.2 billion each year for San Francisco's economy.
'JPMorgan is investing again in San Francisco,' Lurie posted on social media. 'As one of the largest employers in SF, they are now investing $3.8 million into our city. This is more than just a commitment—it's a vote of confidence in San Francisco.'
The news comes just months after JPMorgan announced it would vacate office space in San Francisco used by First Republic Bank, which JPMorgan purchased after it had been seized by regulators due to financial distress, resulting in the second-largest bank failure in U.S. history.
The firm's plan to dump 70 percent of its space in the downtown San Francisco tower was reported by CoStar, a commercial real estate information provider. It appears those plans have changed.
Downtown San Francisco's office vacancy rate was 34.7 percent in Q1 2025, an increase of 33 percent from the year prior, though there are signs of a possible recovery in the city's commercial real estate market.
San Francisco's tourism industry, as well, has not recovered from the effects felt by all major cities from the COVID-19 pandemic. At the start of 2019, San Francisco had 85 percent monthly occupancy rates at its hotels. That number stands at around 67 percent in early 2025.
The city is lagging behind other cities when it comes to office attendance. During the week of April 2, weekly average office attendance was 42 percent. Meanwhile, Los Angeles saw 49 percent; Austin, 63 percent; New York, 54 percent; and San Jose, 50 percent.
Unemployment has been on the rise in San Francisco. In May 2022, unemployment stood at 2.3 percent. Today, that number is 3.8 percent, according to city data. Much of the job losses come from the tech industry. The finance and insurance industries combined employ approximately 55,000 people in the city.