San Francisco Office Insight Report Q4 2021
San Francisco office market reports
Q1 2022: San Francisco begins to show signs of life after Covid as tech giants continue to set trends and lead the way in Bay Area real estate. The official return to work is upon us as we exit the 1st quarter of 2022.
We entered 2022 with great uncertainty around the state of the office market with unprecedented surges in Covid-19 cases due to the Omicron Variant. However, as cases of Covid-19 continued to drop in the Bay Area, industry leaders such as Salesforce, Google, Meta, Apple and Microsoft all announced their plans to return to the office. This will likely set the tone for smaller companies to follow suit.
Net absorption continues to be negative since the start of Covid but is up 52% since the last quarter.
Office inventory remains steady this quarter, with 714,821 sf currently under construction.
Lower leasing volume this quarter and negative net absorption have led to higher vacancy.
Total available space increased slightly in San Francisco, but confidence in the impending return to office of industry leaders lends itself to future decreases.
Direct asking rates
As the flight to quality continues, class A rents have risen for the 5th straight quarter.
Office demand continues to be high with companies looking to return to the office.
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