Home > Research > U.S. Leasing Market Reports Detail

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 (%)
Net Absorption (SF)    33,623

The San Francisco Bay Area life science market closed the year displaying relentless demand for space that continues to outpace existing supply. Class A life science product continues to be pre-leased, especially in the North and Mid-Peninsula regions, while older office and industrial buildings are being converted to meet the high demand. NKF Research is currently tracking approximately 2.2 million square feet of life science requirements in the Bay Area market, with the majority continuing to fall within the 20,000 to 49,000-square-foot-range. The market currently consists of 1.5 million square feet of life science space and closed the fourth quarter with a 5.5% vacancy, up from 4.6% in the previous quarter and up from 4.9% a year ago.

Northern CA Office Market Report
Download the PDF
Bay Area Life Science Market Report
Download the PDF