San Francisco office market reports
Q2 2023: The San Francisco office market faced a challenging quarter caused by overall macroeconomic conditions. As companies scaled back operations and experienced slower growth, vacancy rates continued to increase. However, a positive note is that unemployment levels have stabilized, indicating promising signs for the overall economy.
Total job posting down form Q1 2023
Despite job postings declining 15.2% since the previous quarter, Media and Engineering, Architecture, and Construction firms saw increases of 11.3% and 4.9%, respectively. Tech job postings declined by 22.7%, followed by a 22.1% drop in Consulting, Research, Accounting, and Recruiting firms.
Record vacancy rates continue to climb
Vacancy woes continue as companies continue to reassess their financial needs amid turbulent market conditions. While leasing activity shows promising signs, average lease sizes remain on a downwards trend.
CMBS loans set to expire by year-end 2024
San Francisco’s office market has $3.7B in CMBS loans set to mature before the end of 2024, the second-highest in the nation behind New York. High-end properties are expected to negotiate favorable loan extensions, while heavily distressed assets could default.
Your source for the latest San Francisco office market reports
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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