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Northern California Market Reports

Northern California Office Market Report 

Average Asking Rent (Price/SF) $4.03
Availability Rate 10.3%
Net Absorption (SF) 580,181

The Northern California office market kicked off the year with 580,181 square feet of positive net absorption. This marks the sixth 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 10.3%. The total average asking rent increased $0.05 to $4.03/SF. In the largest direct lease deal of the quarter, Pinterest leased 490,000 square feet at Alexandria's 88 Bluxome Street project in the SOMA district of San Francisco. The mixed-used development, though not yet under construction, is already 59% pre-leased.

Bay Area Life Science Market Report 

 Availability Rate (%)
        3.9%
Net Absorption (SF)   240,746

The positive momentum of the San Francisco Bay Area life science market at the close of 2018 carried over into the first quarter of 2019, which finished with 240,746 square feet of positive net absorption. The market currently consists of 938,602 square feet of available life science space and closed the first quarter with a 3.9% vacancy, down from 4.9% in the previous quarter but up from 4.2% a year ago. Tenant demand decreased 5.1% over the first quarter to approximately 3.1 million square feet, with a majority of the requirements in the 1,000 to 19,999 and 20,000 to 49,999-square-foot ranges.



Northern CA Office Market Report
1Q19
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Bay Area Life Science Market Report
1Q19
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