DocuSign is putting 57,000 square feet of its headquarters at 221 Main St. in San Francisco up for lease.
Another San Francisco-based tech company is trimming office space, but this time there’s at least some good news for the city’s struggling commercial real estate sector.
DocuSign will put 57,000 square feet of its headquarters at 221 Main St. up for lease but has renewed 93,000 square feet, as first reported by the San Francisco Business Times.
The software company has faced challenges in the last year, announcing a restructuring that included cutting 9% of its staff in September 2022. With 7,461 employees worldwide at the time, that equated to more than 600 jobs lost. It also had 17 offices at the time. Finally, it ushered in former Google executive Allan Thygesen, who took over as CEO in October 2022.
As the technology industry struggles amid economic uncertainty, DocuSign’s valuation has risen from a pre-initial public offering $3 billion to a current $12 billion.
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The company currently has 1,362 employees in the Bay Area, according to LinkedIn.
A recent report from Cushman & Wakefield put San Francisco’s office vacancy rate at 24%, with more than 86,000,000 square feet of inventory. Just this week, another big San Francisco tech company, Autodesk, announced it was subleasing 73,000 square feet of office space downtown at One Market.
DocuSign did not return SFGATE’s request for comment as of publication.
Editor’s note: This story was updated to fix an error that said DocuSign’s valuation stood at $12 million and that the square footage of inventory was 86,000, not 86,000,000.
Tessa is a Local Editor for SFGATE. Before joining the team in 2019, she specialized in food, drink and lifestyle content for numerous publications including Liquor.com, The Bold Italic, 7×7 and more. Contact her at [email protected]