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Northern California Market Reports


As a result of the inactivity of the COVID-19 pandemic, the Northern California office market posted 5.7 million square feet of negative absorption, of which more than 50% is attributed to San Francisco alone. The shelter-in-place orders throughout California have caused a surplus of sublease space to hit the market, increasing the market’s availability rate to 12.3%. Still, asking rents continue to rise. Overall average asking rent increased $0.11 to $4.69/SF and Class A average asking rent increased $0.08 to $5.40/SF. This lag has been observed during previous recessions and asking rents are expected to drop in upcoming months. New construction is strong and proposals for new projects are still being submitted.