San Francisco Office Insight Report Q2 2022
San Francisco office market reports
Q2 2022: San Francisco's office market recovery shows positive signs with two of the largest deals being signed this quarter since the start of the Covid-era. However, with a potential recession looming, many companies are reassessing their priorities and real estate needs, with could hamper momentum.
San Francisco continues to rally behind professional services and tech despite mixed signals about the market and economy. Leasing momentum in the next 6 months will be pivotal as the city continues its recovery.
Despite an increase in leasing activity in Q2, net absorption continues to be in the negative as several companies decreased their office footprint to accommodate hybrid and remote-first workplaces.
Office inventory remains steady this quarter, with 714,821 sf currently under construction.
Vacancy continues its upwards trend with a 10th straight quarter of negative net absorption in Q2 2022.
With several companies downsizing their office needs or going fully remote, the amount of office square feet available continues to increase.
Average asking rates
Class A average asking rents have yet to catch up with demand lulls as landlords still look to achieve premium pricing for space amid rising sublease availability.
Office demand still remains as companies continue to assess their real estate needs amid a turbulent market.
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