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.

 

44.9%

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

Inventory

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.
 

23.7%

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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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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