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San Francisco Market Reports

San Francisco Office Market

Average Asking Rent (Price/SF) $77.75
Vacancy Rate (%) 4.4%
Net Absorption (SF) 920,397

Despite a further drop in vacancy, 24 tenants are looking for blocks of space of 100,000 square feet or greater, with a combined total demand of more than 3.3 million square feet. These large requirements outsize existing building large-block availabilities by more than 1.4 million square feet. Six leases over 100,000 square feet were signed during the quarter including San Francisco's largest initial lease ever: Facebook's 763,102-square-foot lease at Park Tower. Additionally, Cruise leased 381,517 square feet in an urban campus comprising 301, 333 and 345 Brannan Street. More of the pre-leased new developments were occupied this quarter, driving absorption to 1.7 million square feet year-to-date. Absorption is anticipated to remain strong for the remainder of the year.



San Francisco Office Market Report
2Q18
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