Asana reportedly increasing its San Francisco headquarters

After a particularly rocky week for tech companies diving their San Francisco real estate, at least one is reportedly bucking the trend and expanding its office space.

Asana, co-founded by Facebook co-founder Dustin Moskovitz, is subleasing office space at 680 Folsom Street in SoMa. It’s taking over space that was previously home to Macy’s San Francisco offices, according to the Business Times. The New York retailer shuttered its offices in the city in 2020.

In 2019, Asana moved its headquarters to 633 Folsom Street, snagging a nearly 266,000-square-foot lease.

With this expansion, the productivity company is investing in city real estate during a particularly troublesome time for the tech industry at large. Meta reported troubling numbers Wednesday, including a decline in annual revenue for the first time since the company went public, while both Alphabet and Microsoft announced misses on both earnings and revenue estimates.

And due to a confluence of economic headwinds and the popularity of hybrid work, companies are increasingly abandoning their office space in the pricey San Francisco Bay Area market. This week, Twitter reduced its footprint in San Francisco and abandoned its plans to expand into Oakland, while Etsy will close its San Francisco offices for good come September due to low “employee office utilization.”

They follow Block, Salesforce and PayPal, which cut down or outright closed its San Francisco offices earlier this year.

Editor’s note: This story was amended on Aug. 2, 2:30 pm to accurately reflect where Asana’s new offices are located.