San Francisco Office Insight Report Q2 2021

San Francisco office market reports

Q3 2021: Despite the rise of the Delta Variant, the return of Bay Area office occupiers has seen improvements quarter over quarter, led by companies like Tesla.

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Despite concerns of the Delta variant, re-opening efforts and higher vaccination rates have allowed the San Francisco unemployment rate to rebound from a high of 13.0 percent to 5.2 percent.

5.2%

Economic conditions

Despite concerns of the Delta variant, re-opening efforts and higher vaccination rates have allowed the San Francisco unemployment rate to rebound from a high of 13.0 percent to 5.2 percent.

65.7%

Recovery rate

Despite the rise of the Delta Variant, the return of Bay Area office occupiers has seen improvements quarter over quarter, led by companies like Tesla. The rate of recovery across the Bay Area office market is 28.7 percent.

 

5.8 %

Leasing activity

While 2021 leasing activity has not returned to historical averages, leasing through Q3 2021 has already surpassed total leasing in 2020, showing signs of overall recovery in the region.

15.0 %

Vacancy

While still near recent highs, the Q3 2021 vacancy rate has decreased 2.6 from 15.4% in Q2 to 15.0%. The ratio of sublease-to-total vacancy is currently 30%.

 

8.9 msf

Sublease space

Available sublease space in San Francisco has increased by 3.1% since the beginning of 2020 and 158% from the beginning of 2019.

 

91 %

Venture Capital 

Venture Capital funding in 2021 YTD has totaled $44.9B, marking a 91% increase since 2020.

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Get in-depth office market reports and insights from commercial real estate experts in the Greater San Francisco Bay area. Avison Young advisors look at San Francisco commercial real estate activities and the latest San Francisco statistics to provide you expert market research on San Francisco's office properties.

Explore different topics like the latest office market pricing trends and analysis of San Francisco's current office real estate market conditions. Gain a better understanding of San Francisco’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in San Francisco's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in San Francisco.

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