San Francisco Office Insight Report Q2 2021
San Francisco office market reports
Q2 2021: The tech industry’s lax return to office policies and flexible work from anywhere plans outweigh reopening efforts and higher regional vaccination rates in the Bay Area.
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Economic conditions
Reopening efforts and higher vaccination rates have allowed the San Francisco unemployment rate to rebound from a high of 13.0 percent to 5.4 percent.
Recovery rate
The overall rate of recovery in the Bay Area (65.7 percent) is comparatively higher than the overall U.S. (49.1 percent). However, the return of Bay Area office occupiers has lagged other primary markets given the concentration of tech and a lack across the sector of requiring workers back in the office. The rate of recovery across the Bay Area office market is 10.2 percent compared to the U.S. average of 19.2 percent.
Leasing activity
Leasing activity has paused, decreasing by 65-75 percent compared with recent historical averages.
Vacancy
Occupancy losses have totaled almost 6 million sf over the past 18 months as vacancy has risen to 15.4 percent.
Sublease space
Available sublease space has increased to 9.2 million sf, almost 3x 2019 levels.
Rental rate
Base rents have declined by 4.3 percent since the beginning of 2021 and as concession have increased, net effective rents have dropped by 5.4 percent.
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