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San Francisco office market report. Q1 2024. San Francisco office market trends. $132M. Low sales volume outlines continued pricing disparity. The increasing cost of capital due to mounting debt, high interest rates, and increasing vacancy have continued to weigh down asset pricing in San Francisco.
San Francisco office market trends. $279 psf. Office pricing reaches lowest point in 12 years. Mounting debt, interest rates, and increasing vacancy have weighed down pricing in San Francisco, causing properties to sell at significantly discounted rates not witnessed since 2011.
Find out the latest economic and Office trends impacting the San Francisco metro. Includes graphs and forecasts for the employment market and Office property performance.
Flight to Quality. Premium office space accounted for 79.1% of all leasing activity this quarter, led by Sephora’s massive 286,000 sf sublease from Salesforce at 350 Mission St. This is the third consecutive quarter in which Class A and Trophy spaces have dominated office demand.
The San Francisco office market started 2024 stronger than any quarter since 2020 with positive net absorption, primarily fueled by OpenAI’s sublease occupancy of 486,000 square feet in Mission Bay, and more tenants looking to secure new office space.
In Q1 2024, the total availability rate in the San Francisco office market decreased 40 basis points (bps) from 36.7% reported at year-end 2023 to 36.3% . While this remains near a historic high, there is cautious optimism again that companies are slowly getting their employees back into the office while nascent verticals such as
Presentation. RESEARCH Q4 2021. San Francisco Office Market. Signs of Market Recovery. In the fourth quarter of 2021, San Francisco experienced positive absorption at 324,343 square feet, marking the second consecutive quarter of positive absorption.
