San Francisco is emptying out, and not just a little. Westfield’s $558 million loan default in June 2023 sent shockwaves through the city’s retail scene—and the ripple effects are real. Stores are closing, offices are empty, and Union Square’s vacancy rate jumped from 20.6% in early 2024 to 22% this year. People are losing jobs, daily routines are disrupted, and neighborhoods feel different almost overnight.
It’s all part of a bigger trend: 156 corporate headquarters have packed up and left the Bay Area since 2018. The city is facing its largest retail and business exodus in decades.
Here’s what’s happening and why it matters.
When Fortune 500 Giants Said ‘Enough’
Nordstrom’s May 2023 closure announcement marked the turning point. “The dynamics of the downtown San Francisco market have changed dramatically over the past several years,” Jamie Nordstrom told CNN.
The departure ended a 35-year run for its 312,000-square-foot flagship store, as reported by the San Francisco Chronicle.
The Statistics That Tell the Story
The numbers show a city in crisis. San Francisco Centre reached 93% vacancy by September 2025, according to the SF Chronicle. Office vacancies hit 34.5% in Q2 2024, according to Cushman & Wakefield. Retail sales dropped from $455 million in 2019 to $298 million in 2022, and foot traffic fell 43% in the same period, according to location-tracking data.
How Westfield Lost More Than Half a Billion Dollars
Westfield defaulted on a $558 million loan in June 2023, according to Bloomberg. The mall’s value plunged from $1.2 billion in 2016 to $195 million by September 202,5, according to Morningstar Credit—a staggering 84% collapse that highlights one of the steepest drops in recent retail history.
When One Giant Falls, Others Follow
Nordstrom’s exit sparked a wave of closures. Mall occupancy fell from 96% at its peak to just 7% by September 2025, according to the SF Chronicle. Visits dropped from 9.7 million in 2019 to 5.6 million in 2022, according to Westfield, illustrating how a single departure can trigger a significant decline in retail activity.
20 Major Companies That Couldn’t Take It Anymore
San Francisco isn’t just losing small shops; major corporations, Fortune 500 companies, and tech giants are packing up, too. These departures aren’t minor; they represent thousands of jobs, millions in lost economic activity, and a city slowly reshaping before our eyes. Not one, not two, but dozens of household names have made their move. Here’s the full list of who’s gone and why.
#1 – Nordstrom
Nordstrom closed its 312,000-square-foot flagship on August 27, 2023, marking the end of its 35-year presence at Westfield San Francisco Centre, according to CNN. Jamie Nordstrom cited declining foot traffic and changing downtown dynamics. The closure also included its nearby Nordstrom Rack, leaving a massive void in the city’s retail landscape.
#2 – Old Navy
Old Navy shut its 73,000-square-foot Market Street flagship on July 1, 2023, after 24 years, according to the San Francisco Standard. Gap Inc. cited declining foot traffic and changing flagship strategies, according to The Real Deal. The closure removed another major draw for downtown shoppers, accelerating the city’s retail exodus, according to SF FunCheap.
#3 – Whole Foods
Whole Foods closed its Trinity Place flagship on April 11, 2023, just a year after opening, citing employee safety concerns, according to CNN and Fortune. The 65,000-square-foot store faced 568 emergency calls, including incidents with weapons and assaults, highlighting serious urban safety challenges.
#4 – X (Twitter)
X moved its headquarters to Bastrop, Texas, in September 2024, according to Forbes. The 800,000-square-foot San Francisco office closed after a three-year lease in Bastrop, with Elon Musk citing California policies as a key factor. The move reflected broader frustrations with the Bay Area business environment.
#5 – Salesforce
Salesforce cut 8,000 jobs in January 2023, followed by an additional 700 in February 2024, according to the LA Times. CEO Marc Benioff admitted to over-hiring during the pandemic. The company listed significant office space for sublease, indicating that even San Francisco’s most important private tech employer couldn’t maintain its pre-pandemic footprint, according to Fortune.
#6 – Meta (Facebook)
Meta closed on 435,000 sq ft at 181 Fremont in December 2022, followed by three offices totaling 180,000 sq ft in April 2025. Following 11,000 layoffs globally, the company’s real estate pullback was attributed to economic pressures and a permanent shift to remote work, according to NPR and CNN.
#7 – Google
Google downsized from 150,000 to 64,000 sq ft at 215 Fremont in July 2024, according to the San Francisco Chronicle. It also exited a 300,000 sq ft space at One Market Plaza, resulting in multiple layoffs in 2024. The company adopted a hybrid work model, reducing its physical footprint while maintaining offices in other city locations.
#8 – Tesla
Tesla relocated its headquarters to Austin in October 2021, as announced in a Tesla press release. Musk noted limits to scaling in the Bay Area. While the Fremont factory remained, the move signaled the company’s shift from California to Texas, according to Drive Tesla Canada.
#9 – Chevron
Chevron relocated its headquarters to Houston in August 2024, marking the end of 145 years in California, according to The Desert Sun. CEO Mike Wirth cited better economics with 7,000 Houston employees versus 2,000 in California. The historic departure marked a significant shift in the state’s corporate landscape.
#10 – Oracle
Oracle relocated from California to Austin in 2020 and then to Nashville in 2024, according to CNBC. Larry Ellison called Nashville “a fabulous place to live” and secured $65 million in incentives for 8,500 jobs. The company’s dual move shows how aggressively states compete for corporate headquarters, according to The Tennessean.
#11 – Charles Schwab
Charles Schwab moved to Westlake, Texas, on April 1, 2019, citing California’s high costs, according to company statements. The new 70-acre campus houses 7,000 employees, marking another major departure from San Francisco’s financial sector.
#12 – Hewlett Packard Enterprise (HPE)
HPE relocated to Houston, finalized in early 2022, according to CEO Antonio Neri. Citing better talent access and cost of living, the move consolidated operations where HPE already had its largest employment hub, symbolizing a shift from Silicon Valley.
#13 – Palantir
Palantir left Palo Alto for Denver in 2020, with CEO Alex Karp criticizing Silicon Valley’s “monoculture” according to CNBC. Co-founder Joe Lonsdale highlighted cost advantages in Texas, reflecting frustration with high expenses and the region’s perceived ideological rigidity.
#14 – McKesson
McKesson moved to Las Colinas, Texas, on April 1, 2019, after decades in California according to company statements. The Fortune 6 healthcare giant cited efficiency, collaboration, and cost-competitiveness, with 7,000 Texas employees making the economics clear.
#15 – Park Hotels & Resorts
Park Hotels & Resorts defaulted on $725 million in loans for Hilton San Francisco Union Square and Parc 55 on June 5, 2023 according to CBS News and SF Chronicle. CEO Thomas Baltimore cited high office vacancies, street conditions, and weak conventions as key challenges.
#16 – Block (Square)
Block, formerly Square, left its 470,000-square-foot Mid-Market headquarters in September 2023 according to San Francisco Chronicle. Jack Dorsey’s company embraced permanent remote work, leaving significant vacant space previously shared with Uber and Twitter.
#17 – Simplilearn
Simplilearn moved its HQ from 201 Spear Street, San Francisco, to Plano, Texas in October 2024 according to company announcements. CEO Krishna Kumar cited access to a thriving tech ecosystem and diverse talent pool as the main reason.
#18 – Koya Medical
Koya Medical moved from Oakland to Dallas in June 2025 according to Dallas Business Journal. The 35,000-square-foot facility adds 200+ jobs, leveraging local talent, infrastructure, and healthcare ecosystem while keeping R&D in Silicon Valley.
#19 – Bloomingdale’s
Bloomingdale’s will close its 330,000-square-foot San Francisco Centre store in late spring 2025 according to Macy’s. Opening in 2006, it was the company’s second-largest store nationally. Its exit follows Nordstrom, leaving the Centre without an anchor tenant.
#20 – ABBYY
ABBYY relocated from Milpitas to Austin’s Silicon Hills in October 2024 according to company announcements. CEO Ulf Persson emphasized collaboration for AI-driven solutions while joining a growing tech ecosystem alongside Google, Apple, Tesla, and Oracle.