The current economic downturn has caused a shift in many economies and San Francisco's Union Street has begun to feel the effects. The Union Street of yesterday was a thriving, bustling city tourist attraction boasting eateries, local shops and entertainment. Today city tourists will see vacant storefronts scattered throughout the remaining businesses due to the public's minimal spending budget in 2008. The lack of profit combined with high rental property fees gave many small business owners no other option, but to relocate. Although many businesses have moved elsewhere there is still hope for San Francisco's Union Street.
The vacant storefronts have caused many property managers to lower the rental fees for commercial buildings which has begun to attract new local businesses to the area. City officials are very excited about the possibility that new local businesses may start occupying Union Street soon. The estimated time frame for filling most of the vacant storefronts is within the next two years and the majority of the new businesses will most likely be owned by local residents. If this forecast is correct Union Street will return to the hustle and bustle of a busy tourist destination in no time.
