Twitter Seeks to Sublease Office Space at San Francisco Headquarters as Growth Stalls
Twitter has put some of its office space up for sublease. The company, which recently has been struggling to grow its user base and generate more revenue, is offering a quarter of its San Francisco headquarters.
Available for sublease is nearly 80,000 square feet on the seventh floor on the company’s Market Street address, according to marketing materials from Cresa, a commercial real estate firm., as well as more than 100,000 square feet across three floors in an adjacent building.
With stagnant user growth and increasingly skeptical investors, Twitter has lost significant market value this year. Still, the company is not alone in subleasing. This year has marked a noticeable cooling in the tech industry, particularly on the hiring side, with cautious firms opting to remain lean, and bloated companies trimming the fat in anticipation of tougher times.
According to Bloomberg, office subleasing is at the highest level since 2010. And, at least in Silicon Valley, that’s an early indicator of past downturns. Tech companies account for more than half of all subleases in San Francisco right now.
This week Twitter opened its Moments feature to select brands and influencers as it continues to roll out the product. Until now all Moments were curated by Twitter editorial staff; now some content will be determined by users.