San Francisco Office Market
| Average Asking Rent (Price/SF) | $74.15 |
| Vacancy Rate (%) | 22.1% |
| Net Absorption (SF) | -1,928,746 |
Overall availability and vacancy continued to rise during the fourth quarter of 2022, elevating to 32.1% and 22.1%, respectively. Overall availability is now at 28,404,642 square feet, while overall vacancy is now at 19,564,732 square feet. Total leasing for the quarter increased by 17.0% quarter over quarter to 809,381 square feet; however, this also represents a 31.0% decrease in total leasing compared to the fourth quarter of 2021. Only 55.0% of leased square footage during the quarter was for Class A space, compared with 76.0% in the third quarter of 2022. Total leasing for 2022 is 1,298,714 square feet. In the five years prior to the pandemic, annual leasing totals averaged 3,452,100 square feet.
Download San Francisco Office Market Report 4Q22