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San Francisco Office Space Update

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San Francisco, the City by the Bay, is known for its natural beauty, welcoming spirit, tourism, and most notably, its high tech industry. Entrepreneurs have been flocking to San Francisco since the Gold Rush. Today, San Francisco is considered the leading financial and cultural center of Northern California.

This diverse city has numerous neighborhoods in which to take up office space, including the Financial District, South of Market (SOMO), Yerba Buena, Mission Bay, and Union Square, just to name a few.

Current Conditions

Despite the economic conditions in the National office space marketplace throughout the past few years, San Francisco has experienced a trend of limited office space vacancies and increasing office rents.  These conditions are expected to continue until new office space construction catches up.

District

Total Vacancy

Average Rental Rate

Financial District

8.6%

$51.98 SF

SOMO

4.5%

$53.91 SF

Mission Bay

18.6%

$63.11 SF

Union Square

7.3%

$45.74 SF

 

Market Outlook

The decline in California’s unemployment rate over the past twelve months seems to indicate continued economic productivity and a strong office market.  Office development is currently under construction, and more ground-breakings are expected within the year. 2013 promises to be another steady year in San Francisco’s commercial office space market.

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By: James Osgood

Office Space , San Francisco Office Space

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