San Francisco Office Insight Report Q4 2022

San Francisco office market reports

Q4 2022: The San Francisco office market’s struggles persist as companies continue to find it difficult to entice employees back into the office. As the job market softens amid layoffs and lackluster job postings, the San Francisco market faces a pivotal first half of 2023.



Office Visitor Volume

While trending upward, San Francisco office visitor volumes are 44.9% returned the week of December 12th, 2022 compared to the week preceding the lockdown.

88.4 msf


Office inventory remained unchanged this quarter, although 1.2 msf remains in the construction pipeline.

-1.6 msf

QTD Net Absorption

With the lack of larger leases being signed, net absorption continues to report negative fundamentals amid a turbulent market.


Vacancy Rate

San Francisco’s vacancy rate continued its upward trend for the twelfth straight quarter.

28.6 msf

Total Available Square Feet

Although total available space continued to increase, sublease available square footage began to level off this quarter with unoccupied space transitioning back into the hands of landlords.

$78.18 psf

Direct Asking Rate Full Service

Average full-service asking rents dipped in Q4 2022 as more space continues to hit the market. However, trophy buildings and view spaces remained competitive in pricing.


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