Union Square

Union Square remains San Francisco’s premier luxury shopping destination, featuring high-end brands like Breitling, Patek Philippe, Rolex, and A. Lange & Söhne alongside major national retailers such as Apple, Chanel, Hermès, and Nike. Despite its longstanding status, the area has faced challenges in recent years due to a combination of the pandemic and economic shifts, leading to an increased vacancy rate of approximately 20% by early 2024. This reflects significant changes in the retail landscape, with major exits such as Macy’s and Nordstrom, but also growth with new openings in 2023, including Banana Republic's two-level flagship, Ikea's small format store, and the 14,000 sf Peruvian restaurant Chotto Matte, signaling renewed interest. Union Square’s prime retail corridors, including Post, Powell, Geary, and Stockton streets, maintain gross rents ranging from $400 to $500 per square foot. The street’s foot traffic has started to recover, with year-over-year single digit increases in 2023.