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Northern California Market Reports

Northern California Office Market Report 

Average Asking Rent (Price/SF) $3.97
Availability Rate (%) 11.3%
Net Absorption (SF) 1,881,553

The Northern California office market posted 1.8M square feet of positive net absorption in the third quarter, bringing year-to-date net absorption up to a hefty 5.1M square feet. Strong leasing activity dropped the availability rate down 0.6 percentage points from the second quarter to 11.3%. There was a slight uptick in the total average asking rent, largely driven by the addition of high-priced Class A product to the market. In the largest direct lease deals of the quarter, Roku leased 449,430 square feet of space at Coleman Highline and Splunk leased 301,019 square feet at Santana Row, both in San Jose.

Bay Area Life Science Market Report 

 Availability Rate (%)
        7.49%
Net Absorption (SF)   -395,046

The San Francisco Bay Area life science market, which currently consists of 1,750,635 square feet of available life science space, closed the third quarter of 2018 with a 7.5% vacancy, up from 4.8% in the previous quarter and 5.7% a year ago. Tenant demand decreased 4.2% over the third quarter to approximately 3.0 million square feet, with a bulk of current requirements in the 20,000 to 50,000-square-foot range. Negative 395,046 square feet of absorption was also recorded this quarter, compared with 126,930 square feet in the previous quarter. Notable contributors to the Bay Area's negative absorption and increase in overall vacancy this quarter were Wareham's new development in Emeryville and Illumina's 120,000-square-foot sublease at the Campus at Lincoln Centre in Foster City.



Northern CA Office Market Report
3Q18
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Bay Area Life Science Market Report
3Q18
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