San Francisco Office
Fourth quarter absorption of positive 824K square feet was driven by large move-ins from tech firms into Class B office space. Class B absorption in the fourth quarter was positive 755K square feet. Net absorption year-to-date was just under positive 728K square feet. Overall availability decreased by 180 basis points in the fourth quarter to 33.4%. Vacancy decreased 80 basis points to 29.4%. Average direct asking rents, now at $67.55/SF, decreasing by 1.1% quarter-over-quarter. Total leasing for each of the year totaled over 9.7M square feet, levels not seen since 2019, while demand was at its highest level since 4Q19 at 9.8M square feet.- Insights>
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- San Francisco Real Estate Market Reports
San Francisco Real Estate Market Reports
Newmark’s quarterly San Francisco Real Estate Market Report provides informative data and trends for commercial real estate owners, investors, and occupiers to make intelligent decisions and determine new opportunities in the office and industrial market.
