San Francisco Peninsula office market reports
Q1 2022: Tech giants continue to set trends and lead the way in Bay Area real estate. The official return to work is upon us as we exit the 1st quarter of 2022.
We entered 2022 with great uncertainty around the state of the office market with unprecedented surges in Covid-19 cases due to the Omicron Variant. But, as we exit the first quarter, cases have decreased precipitously, making way for tech giants like Meta to announce their returns to in-person work. These announcement will likely act as a jumpstart to a lot of real estate decisions of smaller companies throughout the Peninsula and Bay Area.
Led by strong leasing activity, the Peninsula has continued its trend of four straight quarters of positive absorption.
While no square footage was added to inventory, nearly 2m sf of office space is currently under construction in the SF Peninsula
Vacancy has begun to rebound since the peak reached last quarter, seeing a decrease of 6.4% quarter to quarter.
Total available space remains below 5m sf after reaching an all-time peak in Q2 2021.
Direct asking rates
Direct asking rents saw a stark increase this quarter, increasing to $5.20 from $5.02 in Q4 2021.
Sales volume has remained consistent with past Q1’s while price per sf dropped, likely only due to a small sample size.
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Get in-depth office market reports and insights from commercial real estate experts in the Greater San Francisco Peninsula area. Avison Young advisors look at San Mateo commercial real estate activities and the latest San Mateo statistics to provide you expert market research on San Francisco Peninsula's office properties.
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