San Francisco office market reports

Q4 2024

Q4 2024: San Francisco’s office market ended the year on a positive note, fueling optimism for a strong start to 2025. Leasing acticvity saw its strongest year since 2019, with 6.30 msf of deals being completed and 42.2% more volume than the year prior. While overall availability crept up to 37.1%, a 60 basis point increase quarter-over-quarter, this was still a 50 basis point decrease from 2023. Sublease availability also saw a 13.6% decrease over the same period due to tenants putting less space on the market and over 1 msf of sublease space getting snapped up in 2024. While average new lease sizes are still down 28.1% from 2019, they are now at their highest level since the onset of the COVID-19 pandemic.

6.30 msf

2024 sees strongest year of leasing activity since 2019

Leasing activity in San Francisco picked up in Q4 2024, totaling 1.62 msf. This saw the total leasing volume finish at 6.30 msf for the year, marking the highest annual total since 2019.

-13.6%

Total sublease availability down year-over-year

Sublease availability has decreased by 13.6% since Q4 2023. This is a result of less tenants putting space on the market, subleases expiring and going direct, and over 1 msf of sublease space being leased in 2024.

32,899 sf

Average new lease size sees a 5-year high

Average new lease sizes have seen a 28.1% decrease but are now at their highest level since 2019, showing that there is growing optimism surrounding the market.

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