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San Francisco Market Reports

San Francisco Office Market

Average Asking Rent (Price/SF) $86.44
Vacancy Rate (%) 4.0%
Net Absorption (SF) -611,593


Vacancy ticked up 80 basis points in the first quarter of 2020 to 4.0% and availability increased 170 basis points to 11.3%, and these increases were possible signs that the market was beginning to cool off prior to the COVID-19 pandemic. The subsequent shutdown of the economy will result in larger increases in vacancy and availability in the second quarter, the extent of which is still to be determined and hard to predict. For the first time since the end of 2017, absorption was negative for the quarter at negative 611,593 square feet. With the increase in vacancy came a small dip in asking rates, although overall rates increased 3.5% year-over-year to $86.44/SF and Class A rates increased 5.5% year-over-year to $91.95/SF. Further drops to asking rates will depend on how much space becomes available over the next few months.






San Francisco Office Market Report
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