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Northern California Market Reports

Northern California Office Market Report 

Average Asking Rent (Price/SF) $4.20
Availability Rate 10.0%
Net Absorption (SF) 968,301

The Northern California office market posted 968,301 square feet of positive net absorption in the third quarter. This marks the eighth consecutive quarter of positive absorption. Strong leasing activity, especially on quality, transit-oriented spaces, continues to push down the overall availability rate, which finished the quarter at 10.0%. The total average asking rent increased $0.07 to $4.20/SF. In the largest direct lease deal of the quarter, 8x8 Inc. leased 177,815 square feet at South Bay Development's Creekside Way project in Campbell. 8x8 will relocate its San Jose HQ to the new Campbell space in early 2020, whereupon occupation, 8x8 will be the largest employer in the city.

Bay Area Life Science Market Report 

 Availability Rate (%)
        4.6%
Net Absorption (SF) -248,290

NKF Research is currently tracking approximately 3.1 million square feet of life science requirements in the Bay Area market, with the majority continuing to fall within the 20,000-49,000-square-foot range. The market currently consists of 1.2 million square feet of life science space and closed the third quarter with a 4.6% vacancy, up from 3.9% in the previous quarter but down from 7.5% a year ago. Leasing activity increased this quarter, as the demand for life science space continues to outpace existing supply throughout the Bay Area. Thirteen leases greater than 20,000 square feet were executed in the third quarter, compared with six in the previous quarter. As existing life science companies continue to pursue expansion opportunities and new-to-market tenants actively look for space, demand will remain stable



Northern CA Office Market Report
3Q19
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Bay Area Life Science Market Report
3Q19
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