San Francisco Office Market
|Average Asking Rent (Price/SF)||$80.98|
|Vacancy Rate (%)||10.3%|
|Net Absorption (SF)||-2,182,531|
Overall vacancy increased by 270 basis points to 10.3%, a 750-basis-point year-over-year change. San Francisco experienced one of its largest drops in absorption in its history, at negative 2.2 million square feet, for a year-to-date total of negative 5.9 million square feet. Additionally, availability increased 350 basis points during the third quarter of 2020 to 17.7%. Nearly 2/3 of the increase in availability during the third quarter came from sublease space, which grew by nearly 2.0 million square feet. At 7.5 million square feet, sublease availability has increased more than five-fold over the last year and is expected to increase further as a handful of large tenants are rumored to be adding several hundred thousand square feet to the market in coming months.
Download San Francisco Office Market Report 3Q20