San Francisco retail market reports
Q2 2024
Most Bay Area markets and San Francisco neighborhoods are performing well apart from downtown San Francisco and Union Square. Rumors of a theater deal at the San Francisco Emporium (formerly Westfield Center) have yet to materialize but there are bright spots in the market including Breitling’s new store on Union Square, Nintendo’s announcement of a flagship store opening in Union Square, city approval for a mixed-use development at Stonestown Galleria, a new food hall at the Presidio Tunnel Tops and the announcement of a Michelin Chef team taking over the vacated Slanted Door in the Ferry Building.
Total San Francisco retail availability including Union Square and surrounding areas
San Francisco continues to see high availability in the wake of several large retailers leaving the city. However, several development projects across the market could see this number decrease in the coming year.
Construction costs stabilize near peak, attributing to decrease in leasing activity
Construction costs have largely plateaued since 2023 Q2, although at peak numbers. With overall retail leasing activity down 28.0% this quarter, retailers may continue to bide their time in the hopes that costs fall in the near future and overall market conditions improve.
Total retail employment and job postings both see increase, outlining positive signs
Overall retail employment experienced a 2.0% upturn from the previous quarter and is expected to continue to grow with an increase in total job postings.
Your source for the latest San Francisco retail market reports
Get in-depth retail 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 retail properties.
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