Gap puts their corporate HQ in San Francisco up for lease or sale, notable due to the size of the lease (162k sqft), but also because it’s historically one of the city’s preeminent companies, founded, headquartered, and proudly operating out of San Francisco.

Only months ago San Francisco’s pundit class decried “misinformation” that Gap had shuttered operations in SF, despite having clearly closed their flagship store on Powell (which remains an iconic SF empty storefront to this day) and corporate office for Old Navy. Gap, they said, is still very much in the city, you stupid conspiracy theorists. But as the facts become indisputable, the strategy shifts from attack to denial – none of this is happening. Downvote, misdirect, ignore.

Gap’s departure is the latest blow in a long series of insults to San Francisco’s bottom line. Office vacancy is at a 30-year high, large real estate holdings are requesting reassessments to reflect decreased value, and even other SF darlings continue to flee (Salesforce announced a 10% layoff round this morning along with further office space reduction).

The deficit, currently a mere $728M, grows.